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☑ | Accelerated filer | ☐ | ||||||||
| Non-accelerated filer | ☐ | Smaller reporting company |
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| ☐ | Emerging growth company |
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| Item 1. | ||||||||
| Item 1A. | ||||||||
| Item 1B. | ||||||||
| Item 2. | ||||||||
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| Item 12. | ||||||||
| Item 13. | ||||||||
| Item 14. | ||||||||
| Item 15. |
Exhibits and Financial Statement Schedules
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| Item 16. | ||||||||
| — | return on average assets | — | net interest margin and spread | |||||||||||
| — | the efficiency ratio | — | fee income shown as a percentage of loans and deposits | |||||||||||
| — | loan and deposit growth | — | the volume and pricing of deposits | |||||||||||
| — | net charge-offs to average loans | — | the percentage of loans past due and nonaccruing | |||||||||||
| Market | Available Deposits (in billions) |
Deposit
Share |
||||||||||||
| Mississippi | ||||||||||||||
| Tupelo | $ | 3.0 | 45.8 | % | ||||||||||
| DeSoto County | 3.3 | 12.8 | % | |||||||||||
| Oxford | 1.5 | 9.6 | % | |||||||||||
| Columbus | 1.2 | 9.2 | % | |||||||||||
| Starkville | 1.2 | 33.9 | % | |||||||||||
| Jackson | 15.3 | 4.0 | % | |||||||||||
| Tennessee | ||||||||||||||
| Memphis | 32.0 | 2.2 | % | |||||||||||
| Nashville | 65.7 | 1.0 | % | |||||||||||
| Maryville | 2.3 | 3.4 | % | |||||||||||
| Alabama | ||||||||||||||
| Birmingham | 49.7 | 0.6 | % | |||||||||||
| Decatur | 2.4 | 15.3 | % | |||||||||||
| Huntsville/Madison | 9.5 | 1.6 | % | |||||||||||
| Montgomery | 7.5 | 1.5 | % | |||||||||||
| Tuscaloosa | 4.1 | 1.3 | % | |||||||||||
| Florida | ||||||||||||||
| Columbia | 1.5 | 1.7 | % | |||||||||||
| Gainesville | 5.3 | 2.2 | % | |||||||||||
| Ocala | 6.5 | 2.6 | % | |||||||||||
| Georgia | ||||||||||||||
| Alpharetta/Roswell | 10.7 | 2.3 | % | |||||||||||
| Canton/Woodstock | 4.0 | 4.3 | % | |||||||||||
| Cartersville/Cumming | 5.3 | 3.7 | % | |||||||||||
| Gwinnett County | 20.1 | 5.3 | % | |||||||||||
| Lowndes County | 2.5 | 3.3 | % | |||||||||||
| - | acquiring or retaining a majority interest in a subsidiary; | ||||
| - | investing as a limited partner in a partnership the sole purpose of which is direct or indirect investment in the acquisition, rehabilitation or new construction of a qualified housing project, provided that such limited partnership investments may not exceed 2% of the bank’s total assets; | ||||
| - | acquiring up to 10% of the voting stock of a company that solely provides or reinsures directors’, trustees’ and officers’ liability insurance coverage or bankers’ blanket bond group insurance coverage for insured depository institutions; and | ||||
| - | acquiring or retaining the voting shares of a depository institution if certain requirements are met. | ||||
| — | Assets and liabilities may mature or reprice at different times. For example, if assets reprice more slowly than liabilities and interest rates are generally rising, earnings may initially decline. | ||||
| — | Assets and liabilities may reprice at the same time but by different amounts. For example, when interest rates are generally rising, we may increase rates charged on loans by an amount that is less than the general increase in market interest rates because of intense pricing competition, while similarly intense pricing competition for deposits dictates that we raise our deposit rates in line with the general increase in market rates. Also, risk occurs when assets and liabilities have similar repricing frequencies but are tied to different market interest rate indices that may not move in tandem. | ||||
| — | Short-term and long-term market interest rates may change by different amounts, i.e., the shape of the yield curve may affect new loan yields and funding costs differently. | ||||
| — | The remaining maturity of various assets and liabilities may shorten or lengthen as interest rates change. For example, if long-term mortgage interest rates decline sharply, mortgage backed securities held in our securities portfolio may prepay significantly earlier than anticipated, which could reduce portfolio income. If prepayment rates increase, we would be required to amortize net premiums into income over a shorter period of time, thereby reducing the corresponding asset yield and net interest income. | ||||
| — | Interest rates may have an indirect impact on loan demand, credit losses, loan origination volume, the value of financial assets and financial liabilities, gains and losses on sales of securities and loans, the value of mortgage servicing rights and other sources of earnings. | ||||
| — |
adversely affect the interest rates paid or received on, and the revenue and expenses associated with, our floating rate obligations, loans, deposits, derivatives and other financial instruments tied to LIBOR rates, or other securities or financial arrangements given LIBOR's role in determining market interest rates globally;
|
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| — |
adversely affect the value of our floating rate obligations, loans, deposits, derivatives and other financial instruments tied to LIBOR rates, or other securities or financial arrangements;
|
||||
| — |
result in disputes, litigation or other actions with counterparties regarding the interpretation and enforceability of certain fallback language in LIBOR-based notes, securities and other instruments; and
|
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| — |
require the transition to or development of appropriate systems and analytics to effectively transition our risk management processes from LIBOR-based products to those based on the applicable alternative pricing benchmark.
|
||||
| — | the ability to develop, maintain and build upon long-term customer relationships based on top quality service, high ethical standards and safe and sound assets; | ||||
| — | the ability to expand our market position; | ||||
| — | the scope, relevance and pricing of products and services offered to meet customer needs and demands; | ||||
| — | the rate at which we introduce new products and services relative to our competitors; | ||||
| — | customer satisfaction with our level of service; and | ||||
| — | industry and general economic trends. | ||||
| (thousands) | December 31, 2020 | ||||
| Commercial Real Estate | |||||
| Owner-occupied | $ | 1,657,806 | |||
| Non-owner occupied | 2,747,467 | ||||
| Construction | 858,104 | ||||
| Land Development: | |||||
| Commercial mortgage | 149,579 | ||||
| Total Commercial real estate loans | $ | 5,412,956 | |||
| — | maintain loan quality in the context of significant loan growth; | ||||
| — | maintain adequate management personnel and systems to oversee such growth; | ||||
| — | maintain adequate internal audit, loan review and compliance functions; and | ||||
| — | implement additional policies, procedures and operating systems required to support such growth. | ||||
| — | deposit attrition, customer loss and revenue loss; | ||||
| — | the loss of key employees; | ||||
| — | the disruption of our operations and business; | ||||
| — | our inability to maintain and increase competitive presence; | ||||
| — | possible inconsistencies in standards, control procedures and policies; and/or | ||||
| — | unexpected problems with costs, operations, personnel, technology and credit. | ||||
| — | the time and costs associated with identifying and evaluating potential acquisition and merger targets; | ||||
| — | inaccuracies in the estimates and judgments used to evaluate credit, operations, management and market risks with respect to the target institution; | ||||
| — | the time and costs of evaluating new markets, hiring experienced local management and opening new bank locations, and the time lags between these activities and the generation of sufficient assets and deposits to support the costs of the expansion; | ||||
| — | our ability to finance an acquisition and possible dilution to our existing shareholders; | ||||
| — | the diversion of our management’s attention to the negotiation of a transaction; | ||||
| — | the incurrence of an impairment of goodwill associated with an acquisition and adverse effects on our results of operations; | ||||
| — | entry into new markets where we lack experience; and | ||||
| — | risks associated with integrating the operations and personnel of acquired businesses. | ||||
| — | actual or anticipated variations in quarterly results of operations; | ||||
| — | recommendations by securities analysts; | ||||
| — | operating and stock price performance of other companies that investors deem comparable to us; | ||||
| — | news reports relating to trends, concerns and other issues in the banking and financial services industry; | ||||
| — | perceptions in the marketplace regarding us and/or our competitors; | ||||
| — | new technology used, or services offered, by us or our competitors; | ||||
| — | significant acquisitions or business combinations, strategic partnerships, joint ventures or capital commitments by or involving us or our competitors; | ||||
| — | failure to integrate acquisitions or realize anticipated benefits from acquisitions; | ||||
| — | changes in government regulations; and | ||||
| — | civil unrest and geopolitical conditions such as acts or threats of terrorism or military conflicts. | ||||
|
Total Number of Shares Purchased
(1)
|
Average Price per Share | Total Number of Shares Purchased as Part of Publicly Announced Share Repurchase Plans |
Maximum Number of Shares or Approximate Dollar Value That May Yet Be Purchased Under Share Repurchase Plans
(2)
|
|||||||||||||||||||||||
| October 1, 2020 to October 31, 2020 | 3,950 | $ | 28.20 | — | $ | 50,000 | ||||||||||||||||||||
| November 1, 2020 to November 30, 2020 | 9,600 | 32.34 | — | 50,000 | ||||||||||||||||||||||
| December 1, 2020 to December 31, 2020 | — | — | — | 50,000 | ||||||||||||||||||||||
| Total | 13,550 | $ | 31.13 | — | ||||||||||||||||||||||
| Period Ending December 31, | |||||||||||||||||||||||||||||||||||
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||||||||||||||||
| Renasant Corporation | $ | 100.00 | $ | 125.16 | $ | 123.39 | $ | 92.89 | $ | 111.69 | $ | 110.01 | |||||||||||||||||||||||
| NASDAQ Composite Index | 100.00 | 108.87 | 141.13 | 137.12 | 187.44 | 271.64 | |||||||||||||||||||||||||||||
|
SNL Southeast Bank Index
(1)
|
100.00 | 132.75 | 164.21 | 135.67 | 191.06 | 172.07 | |||||||||||||||||||||||||||||
| Year Ended December 31, | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
| Interest income | $ | 498,132 | $ | 542,580 | $ | 461,854 | $ | 374,750 | $ | 329,138 | |||||||||||||||||||
| Interest expense | 71,335 | 98,923 | 65,329 | 37,853 | 28,147 | ||||||||||||||||||||||||
| Net interest income | 426,797 | 443,657 | 396,525 | 336,897 | 300,991 | ||||||||||||||||||||||||
| Provision for credit losses | 86,850 | 7,050 | 6,810 | 7,550 | 7,530 | ||||||||||||||||||||||||
| Noninterest income | 235,532 | 153,254 | 143,961 | 132,140 | 137,415 | ||||||||||||||||||||||||
| Noninterest expense | 471,988 | 374,174 | 345,029 | 301,618 | 295,099 | ||||||||||||||||||||||||
| Income before income taxes | 103,491 | 215,687 | 188,647 | 159,869 | 135,777 | ||||||||||||||||||||||||
| Income taxes | 19,840 | 48,091 | 41,727 | 67,681 | 44,847 | ||||||||||||||||||||||||
| Net income | $ | 83,651 | $ | 167,596 | $ | 146,920 | $ | 92,188 | $ | 90,930 | |||||||||||||||||||
| Per Common Share | |||||||||||||||||||||||||||||
| Net income – Basic | $ | 1.49 | $ | 2.89 | $ | 2.80 | $ | 1.97 | $ | 2.18 | |||||||||||||||||||
| Net income – Diluted | 1.48 | 2.88 | 2.79 | 1.96 | 2.17 | ||||||||||||||||||||||||
| Book value at December 31 | 37.95 | 37.39 | 34.91 | 30.72 | 27.81 | ||||||||||||||||||||||||
|
Closing price
(2)
|
33.68 | 35.42 | 30.18 | 40.89 | 42.22 | ||||||||||||||||||||||||
| Cash dividends declared and paid | 0.88 | 0.87 | 0.80 | 0.73 | 0.71 | ||||||||||||||||||||||||
| Dividend payout | 59.46 | % | 30.21 | % | 28.67 | % | 37.24 | % | 32.72 | % | |||||||||||||||||||
| At December 31, | |||||||||||||||||||||||||||||
| Assets | $ | 14,929,612 | $ | 13,400,618 | $ | 12,934,878 | $ | 9,829,981 | $ | 8,699,851 | |||||||||||||||||||
| Loans, net of unearned income | 10,933,647 | 9,689,638 | 9,083,129 | 7,620,322 | 6,202,709 | ||||||||||||||||||||||||
| Securities | 1,343,457 | 1,290,613 | 1,250,777 | 671,488 | 1,030,530 | ||||||||||||||||||||||||
| Deposits | 12,059,081 | 10,213,168 | 10,128,557 | 7,921,075 | 7,059,137 | ||||||||||||||||||||||||
| Borrowings | 496,310 | 865,598 | 651,324 | 297,360 | 312,135 | ||||||||||||||||||||||||
| Shareholders’ equity | 2,132,733 | 2,125,689 | 2,043,913 | 1,514,983 | 1,232,883 | ||||||||||||||||||||||||
| Selected Ratios | |||||||||||||||||||||||||||||
| Return on average: | |||||||||||||||||||||||||||||
| Total assets | 0.58 | % | 1.30 | % | 1.32 | % | 0.97 | % | 1.08 | % | |||||||||||||||||||
| Shareholders’ equity | 3.96 | % | 7.95 | % | 8.64 | % | 6.68 | % | 8.15 | % | |||||||||||||||||||
| Average shareholders’ equity to average assets | 14.58 | % | 16.37 | % | 15.32 | % | 14.52 | % | 13.26 | % | |||||||||||||||||||
| At December 31, | |||||||||||||||||||||||||||||
| Shareholders’ equity to assets | 14.29 | % | 15.86 | % | 15.80 | % | 15.41 | % | 14.17 | % | |||||||||||||||||||
| Allowance for credit losses on loans to total loans, net of unearned income | 1.61 | % | 0.54 | % | 0.54 | % | 0.61 | % | 0.69 | % | |||||||||||||||||||
| Allowance for credit losses on loans to nonperforming loans | 317.55 | % | 143.61 | % | 188.77 | % | 197.31 | % | 120.34 | % | |||||||||||||||||||
| Nonperforming loans to total loans, net of unearned income | 0.51 | % | 0.37 | % | 0.29 | % | 0.31 | % | 0.57 | % | |||||||||||||||||||
|
Impact of and responses to COVID-19
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—
|
In response to the COVID-19 pandemic, the Company made its branches accessible only by appointment (with appointments generally being limited to services that required access inside a branch). The Company reopened its branch lobbies to the public in October 2020, subject to capacity limitations, mask-wearing and social distancing requirements designed to promote the safety of our clients and employees. The Company implemented additional measures to minimize Company employees’ exposure to COVID-19, such as working remotely, reconfiguring work spaces to promote social distancing and adjusting staff levels, all of which remain in place. The Company incurred expenses of $10,343 in 2020 in connection with its response to the COVID-19 pandemic, primarily related to employee overtime and other employee benefit costs as well as expenses associated with supplying branches with protective equipment, sanitation supplies (such as floor markings and cautionary signage for branches, face coverings and hand sanitizer) and more frequent and rigorous branch cleaning. We expect that these elevated expenses will continue into 2021 while challenges to growth persist as the United States economy slowly recovers from the pandemic.
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—
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The Company has been active in the Paycheck Protection Program (“PPP”) and as of December 31, 2020, the balance of such loans included in the Company’s Consolidated Balance Sheets was approximately $1,128,703. | ||||
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—
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In response to the economic environment caused by the COVID-19 pandemic, the Company implemented a loan deferral program in the first quarter of 2020 to provide temporary payment relief to both consumer and commercial customers. Any customer current on loan payments, taxes and insurance is eligible for a 90-day deferral of principal and interest payments. Principal and interest payments can be deferred for up to 180 days on residential mortgage loans. A second deferral is available to customers that remain current on taxes and insurance through the first deferral period and also satisfy underwriting standards established by the Company. These standards analyze the ability of the customer to service its loan in accordance with its existing terms in light of the impact of the COVID-19 pandemic on the customer, its industry and the markets in which it operates. The Company’s loan deferral program complies with the guidance set forth in the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and related guidance from the FDIC and other banking regulators. At December 31, 2020, the Company had 906 loans (not in thousands) on deferral with an aggregate balance of approximately $145,000, or 1.5% of our loan portfolio (excluding PPP loans) by dollar value. In accordance with the applicable guidance, none of these loans are considered “restructured loans.”
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Financial Highlights
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Net interest income decreased 3.80% to $426,797 for 2020 as compared to $443,657 for 2019. The decrease from 2019 to 2020 was due to the decline in loan yields as a result of the Federal Reserve’s decision to cut interest rates in response to the COVID-19 pandemic, as well as changes in the mix of earning assets during the quarter due to increased liquidity on the balance sheet, partially offset by a decline in our cost of funds. The Company has continued to focus on lowering the cost of funding through both growing noninterest-bearing deposits and aggressively lowering interest rates on interest-bearing deposits.
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Net charge-offs as a percentage of average loans were 0.04% in 2020 and 2019. The provision for credit losses was $86,850 (inclusive of $1,500 in provision for credit losses on deferred interest) for 2020 compared to $7,050 for 2019. The large increase in provision expense year over year is attributable to the adoption of the current expected credit loss model (“CECL”) on January 1, 2020 and our response to the economic uncertainty associated with the COVID-19 pandemic.
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Noninterest income was $235,532 for 2020 compared to $153,254 for 2019. The growth in noninterest income is primarily attributable to the strong mortgage production due to the current interest rate environment.
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Noninterest expense was $471,988 and $374,174 for 2020 and 2019, respectively. The increase in noninterest expense is primarily attributable to increases in salaries and employee benefits, which grew due to the strategic production hires the Company made throughout its footprint during 2019 as well as increased mortgage commissions and incentives related to the increased mortgage production during 2020. Salaries and employee benefits for 2020 also includes approximately $8,237 in expense related to employee overtime and employee benefit accruals directly related to the Company's response to both the COVID-19 pandemic itself and federal legislation enacted to address the pandemic, such as the CARES Act.
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Loans, net of unearned income, were $10,933,647 at December 31, 2020 compared to $9,689,638 at December 31, 2019, which represents an increase of 12.84% from the previous year. Excluding PPP loans of $1,128,703 at December 31, 2020, total loans increased by $115,306, or 1.19%, from December 31, 2019, while nonpurchased loans increased by $702,863, or 9.26%, over the same time period.
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—
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Deposits totaled $12,059,081 at December 31, 2020 compared to $10,213,168 at December 31, 2019. Noninterest bearing deposits averaged $3,391,619, or 29.79% of average deposits, for 2020 compared to $2,463,436, or 24.19% of average deposits, for 2019. The growth in noninterest-bearing deposits across the Company’s footprint during 2020 was driven by the Company’s PPP lending, other government stimulus and client sentiment to maintain liquidity.
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| 2020 | 2019 | 2018 | |||||||||||||||
| Diluted EPS | $ | 1.48 | $ | 2.88 | $ | 2.79 | |||||||||||
| Diluted EPS Growth | (48.61) | % | 3.23 | % | 42.35 | % | |||||||||||
| Shareholders’ equity to assets | 14.29 | % | 15.86 | % | 15.80 | % | |||||||||||
|
Tangible shareholders’ equity to tangible assets
(1)
|
8.33 | % | 9.25 | % | 8.92 | % | |||||||||||
| Return on Average Assets | 0.58 | % | 1.30 | % | 1.32 | % | |||||||||||
|
Return on Average Tangible Assets
(1)
|
0.66 | % | 1.46 | % | 1.47 | % | |||||||||||
| Return on Average Shareholders’ Equity | 3.96 | % | 7.95 | % | 8.64 | % | |||||||||||
|
Return on Average Tangible Shareholders’ Equity
(1)
|
7.83 | % | 15.36 | % | 15.98 | % | |||||||||||
| 2020 | 2019 | ||||||||||||||||||||||
| Balance |
% of
Portfolio |
Balance |
% of
Portfolio |
||||||||||||||||||||
| U.S. Treasury securities | $ | 7,079 | 0.53 | % | $ | 499 | 0.04 | % | |||||||||||||||
| Obligations of other U.S. Government agencies and corporations | 1,009 | 0.08 | 2,531 | 0.20 | |||||||||||||||||||
| Obligations of states and political subdivisions | 305,201 | 22.72 | 223,131 | 17.29 | |||||||||||||||||||
| Mortgage backed securities | 955,549 | 71.13 | 998,101 | 77.33 | |||||||||||||||||||
| Trust preferred securities | 9,012 | 0.67 | 9,986 | 0.77 | |||||||||||||||||||
| Other debt securities | 65,607 | 4.88 | 56,365 | 4.37 | |||||||||||||||||||
| $ | 1,343,457 | 100.01 | % | $ | 1,290,613 | 100.00 | % | ||||||||||||||||
| Amount | Yield | ||||||||||
| Available for Sale: | |||||||||||
| U.S. Treasury securities | |||||||||||
| Maturing within one year or less | $ | 4,012 | 0.75 | % | |||||||
| Maturing after one year through five years | 3,035 | 0.92 | % | ||||||||
| Obligations of other U.S. Government agencies and corporations | |||||||||||
| Maturing within one year or less | 1,003 | 1.48 | % | ||||||||
| Obligations of states and political subdivisions | |||||||||||
| Maturing within one year or less | 4,423 | 3.65 | % | ||||||||
| Maturing after one year through five years | 40,851 | 3.43 | % | ||||||||
| Maturing after five years through ten years | 42,046 | 3.67 | % | ||||||||
| Maturing after ten years | 203,911 | 2.38 | % | ||||||||
| Trust preferred securities | |||||||||||
| Maturing after ten years | 12,013 | 0.82 | % | ||||||||
| Other debt securities - corporate debt | |||||||||||
| Maturing after one year through five years | 2,057 | 3.29 | % | ||||||||
| Maturing after five years through ten years | 32,291 | 4.21 | % | ||||||||
| Residential mortgage backed securities not due at a single maturity date: | |||||||||||
| Government agency MBS | 581,105 | 2.26 | % | ||||||||
| Government agency CMO | 218,373 | 1.68 | % | ||||||||
| Commercial mortgage backed securities not due at a single maturity date: | |||||||||||
| Government agency MBS | 29,053 | 3.75 | % | ||||||||
| Government agency CMO | 99,377 | 3.85 | % | ||||||||
| Other debt securities not due at a single maturity date | 28,423 | 3.59 | % | ||||||||
| $ | 1,301,973 | 2.57 | % | ||||||||
| December 31, 2020 | |||||||||||||||||||||||
| Non Purchased | Purchased |
Total
Loans |
Percentage of Total Loans | ||||||||||||||||||||
| Commercial, financial, agricultural (1) | $ | 2,360,471 | $ | 176,513 | $ | 2,536,984 | 23.20 | % | |||||||||||||||
| Lease financing | 75,862 | — | 75,862 | 0.69 | % | ||||||||||||||||||
| Real estate – construction: | |||||||||||||||||||||||
| Residential | 243,814 | 2,859 | 246,673 | 2.26 | % | ||||||||||||||||||
| Commercial | 583,338 | 28,093 | 611,431 | 5.59 | % | ||||||||||||||||||
| Total real estate – construction | 827,152 | 30,952 | 858,104 | 7.85 | % | ||||||||||||||||||
| Real estate – 1-4 family mortgage: | |||||||||||||||||||||||
| Primary | 1,536,181 | 214,770 | 1,750,951 | 16.01 | % | ||||||||||||||||||
| Home equity | 432,768 | 80,392 | 513,160 | 4.69 | % | ||||||||||||||||||
| Rental/investment | 264,436 | 31,928 | 296,364 | 2.71 | % | ||||||||||||||||||
| Land development | 123,179 | 14,654 | 137,833 | 1.26 | % | ||||||||||||||||||
| Total real estate – 1-4 family mortgage | 2,356,564 | 341,744 | 2,698,308 | 24.68 | % | ||||||||||||||||||
| Real estate – commercial mortgage: | |||||||||||||||||||||||
| Owner-occupied | 1,334,765 | 323,041 | 1,657,806 | 15.16 | % | ||||||||||||||||||
| Non-owner occupied | 2,194,739 | 552,728 | 2,747,467 | 25.13 | % | ||||||||||||||||||
| Land development | 120,125 | 29,454 | 149,579 | 1.37 | % | ||||||||||||||||||
| Total real estate – commercial mortgage | 3,649,629 | 905,223 | 4,554,852 | 41.66 | % | ||||||||||||||||||
| Installment loans to individuals | 149,862 | 59,675 | 209,537 | 1.92 | % | ||||||||||||||||||
| Total loans, net of unearned income | $ | 9,419,540 | $ | 1,514,107 | $ | 10,933,647 | 100.00 | % | |||||||||||||||
| December 31, 2019 | |||||||||||||||||||||||
| Non Purchased | Purchased |
Total
Loans |
Percentage of Total Loans | ||||||||||||||||||||
| Commercial, financial, agricultural | $ | 1,052,353 | $ | 315,619 | $ | 1,367,972 | 14.12 | % | |||||||||||||||
| Lease financing | 81,875 | — | 81,875 | 0.84 | % | ||||||||||||||||||
| Real estate – construction: | |||||||||||||||||||||||
| Residential | 272,643 | 16,407 | 289,050 | 2.98 | % | ||||||||||||||||||
| Commercial | 502,258 | 35,175 | 537,433 | 5.55 | % | ||||||||||||||||||
| Total real estate – construction | 774,901 | 51,582 | 826,483 | 8.53 | % | ||||||||||||||||||
| Real estate – 1-4 family mortgage: | |||||||||||||||||||||||
| Primary | 1,449,219 | 332,729 | 1,781,948 | 18.39 | % | ||||||||||||||||||
| Home equity | 456,265 | 117,275 | 573,540 | 5.92 | % | ||||||||||||||||||
| Rental/investment | 291,931 | 43,169 | 335,100 | 3.46 | % | ||||||||||||||||||
| Land development | 152,711 | 23,314 | 176,025 | 1.82 | % | ||||||||||||||||||
| Total real estate – 1-4 family mortgage | 2,350,126 | 516,487 | 2,866,613 | 29.59 | % | ||||||||||||||||||
| Real estate – commercial mortgage: | |||||||||||||||||||||||
| Owner-occupied | 1,209,204 | 428,077 | 1,637,281 | 16.90 | % | ||||||||||||||||||
| Non-owner occupied | 1,803,587 | 647,308 | 2,450,895 | 25.29 | % | ||||||||||||||||||
| Land development | 116,085 | 40,004 | 156,089 | 1.61 | % | ||||||||||||||||||
| Total real estate – commercial mortgage | 3,128,876 | 1,115,389 | 4,244,265 | 43.80 | % | ||||||||||||||||||
| Installment loans to individuals | 199,843 | 102,587 | 302,430 | 3.12 | % | ||||||||||||||||||
| Total loans, net of unearned income | $ | 7,587,974 | $ | 2,101,664 | $ | 9,689,638 | 100.00 | % | |||||||||||||||
| One Year or Less |
After One Year
Through Five Years |
After Five Years Through Fifteen Years | After Fifteen Years | Total | |||||||||||||||||||||||||
|
Commercial, financial, agricultural
(1)
|
$ | 797,384 | $ | 1,632,374 | $ | 106,879 | $ | 347 | $ | 2,536,984 | |||||||||||||||||||
| Lease financing, net of unearned income | 5,985 | 50,033 | 19,844 | — | 75,862 | ||||||||||||||||||||||||
| Real estate – construction: | |||||||||||||||||||||||||||||
| Residential | 195,999 | 4,099 | 33,684 | 12,891 | 246,673 | ||||||||||||||||||||||||
| Commercial | 418,800 | 151,517 | 41,114 | — | 611,431 | ||||||||||||||||||||||||
| Total real estate – construction | 614,799 | 155,616 | 74,798 | 12,891 | 858,104 | ||||||||||||||||||||||||
| Real estate – 1-4 family mortgage: | |||||||||||||||||||||||||||||
| Primary | 189,038 | 416,288 | 808,805 | 336,820 | 1,750,951 | ||||||||||||||||||||||||
| Home equity | 480,757 | 19,633 | 6,956 | 5,814 | 513,160 | ||||||||||||||||||||||||
| Rental/investment | 68,715 | 198,744 | 28,644 | 261 | 296,364 | ||||||||||||||||||||||||
| Land development | 113,126 | 23,840 | 867 | — | 137,833 | ||||||||||||||||||||||||
| Total real estate – 1-4 family mortgage | 851,636 | 658,505 | 845,272 | 342,895 | 2,698,308 | ||||||||||||||||||||||||
| Real estate – commercial mortgage: | |||||||||||||||||||||||||||||
| Owner-occupied | 341,669 | 859,220 | 454,948 | 1,969 | 1,657,806 | ||||||||||||||||||||||||
| Non-owner occupied | 1,026,615 | 1,347,536 | 373,242 | 74 | 2,747,467 | ||||||||||||||||||||||||
| Land development | 65,838 | 80,142 | 3,599 | — | 149,579 | ||||||||||||||||||||||||
| Total real estate – commercial mortgage | 1,434,122 | 2,286,898 | 831,789 | 2,043 | 4,554,852 | ||||||||||||||||||||||||
| Installment loans to individuals | 35,319 | 71,206 | 101,541 | 1,471 | 209,537 | ||||||||||||||||||||||||
| Total loans, net of unearned income | $ | 3,739,245 | $ | 4,854,632 | $ | 1,980,123 | $ | 359,647 | $ | 10,933,647 | |||||||||||||||||||
| Interest Sensitivity | |||||||||||
|
Fixed
Rate |
Variable
Rate |
||||||||||
| Commercial, financial, agricultural | $ | 1,554,082 | $ | 185,518 | |||||||
| Lease financing, net of unearned income | 69,876 | — | |||||||||
| Real estate – construction: | |||||||||||
| Residential | 11,276 | 39,398 | |||||||||
| Commercial | 125,402 | 67,229 | |||||||||
| Total real estate – construction | 136,678 | 106,627 | |||||||||
| Real estate – 1-4 family mortgage: | |||||||||||
| Primary | 482,888 | 1,079,025 | |||||||||
| Home equity | 6,699 | 25,703 | |||||||||
| Rental/investment | 215,757 | 11,892 | |||||||||
| Land development | 21,870 | 2,837 | |||||||||
| Total real estate – 1-4 family mortgage | 727,214 | 1,119,457 | |||||||||
| Real estate – commercial mortgage: | |||||||||||
| Owner-occupied | 1,181,283 | 134,854 | |||||||||
| Non-owner occupied | 1,422,919 | 297,933 | |||||||||
| Land development | 64,680 | 19,061 | |||||||||
| Total real estate – commercial mortgage | 2,668,882 | 451,848 | |||||||||
| Installment loans to individuals | 169,538 | 4,682 | |||||||||
| Total loans, net of unearned income | $ | 5,326,270 | $ | 1,868,132 | |||||||
| Noninterest-Bearing Deposits to Total Deposits | ||||||||
| 2020 | 2019 | |||||||
| 30.56% | 24.99% | |||||||
| Three Months or Less | $ | 116,417 | |||
| Over Three through Six Months | 50,202 | ||||
| Over Six through Twelve Months | 132,184 | ||||
| Over 12 Months | 108,959 | ||||
| $ | 407,762 | ||||
| 2020 | 2019 | ||||||||||
| Balance | Balance | ||||||||||
| Security repurchase agreements | $ | 10,947 | $ | 9,091 | |||||||
| Federal funds purchased | 10,393 | — | |||||||||
| Short-term borrowings from the FHLB | — | 480,000 | |||||||||
| $ | 21,340 | $ | 489,091 | ||||||||
| 2020 | 2019 | ||||||||||
| Balance | Balance | ||||||||||
| Long-term FHLB advances | $ | 152,167 | $ | 152,337 | |||||||
| Junior subordinated debentures | 110,794 | 110,215 | |||||||||
| Subordinated notes | 212,009 | 113,955 | |||||||||
| $ | 474,970 | $ | 376,507 | ||||||||
| Twelve Months Ended December 31, | |||||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||||
| Pre-tax | After-tax | Impact to Diluted EPS | Pre-tax | After-tax | Impact to Diluted EPS | ||||||||||||||||||
| MSR valuation adjustment | $ | 11,726 | $ | 9,450 | $ | 0.17 | $ | 1,836 | $ | 1,427 | $ | 0.03 | |||||||||||
| COVID-19 related expenses | 10,343 | 8,336 | 0.14 | — | — | — | |||||||||||||||||
| Restructuring charges | 7,365 | 5,936 | 0.11 | — | — | — | |||||||||||||||||
| Swap termination charges | 2,040 | 1,644 | 0.03 | — | — | — | |||||||||||||||||
| Debt prepayment penalty | 121 | 97 | — | 54 | 41 | — | |||||||||||||||||
| Merger and conversion expenses | — | — | — | 279 | 216 | — | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
|
Average
Balance |
Interest
Income/ Expense |
Yield/
Rate |
Average
Balance |
Interest
Income/ Expense |
Yield/
Rate |
Average
Balance |
Interest
Income/ Expense |
Yield/
Rate |
|||||||||||||||||||||||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Non purchased
(1)
|
$ | 7,927,817 | $ | 333,296 | 4.20 | % | $ | 6,784,132 | $ | 337,672 | 4.98 | % | $ | 6,019,177 | $ | 286,643 | 4.76 | % | |||||||||||||||||||||||||||||||||||
| Purchased | 1,807,354 | 101,785 | 5.63 | % | 2,384,423 | 149,568 | 6.27 | % | 2,162,410 | 132,199 | 6.11 | % | |||||||||||||||||||||||||||||||||||||||||
| Paycheck Protection Program | 858,385 | 23,605 | 2.75 | % | — | — | — | % | — | — | — | % | |||||||||||||||||||||||||||||||||||||||||
| Total Loans | 10,593,556 | 458,686 | 4.33 | % | 9,168,555 | 487,240 | 5.31 | % | 8,181,587 | 418,842 | 5.12 | % | |||||||||||||||||||||||||||||||||||||||||
| Loans held for sale | 361,391 | 12,191 | 3.37 | % | 358,735 | 18,171 | 5.07 | % | 270,270 | 12,892 | 4.77 | % | |||||||||||||||||||||||||||||||||||||||||
| Securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Taxable
(2)
|
1,021,999 | 24,102 | 2.36 | % | 1,051,124 | 29,786 | 2.83 | % | 844,692 | 23,713 | 2.81 | % | |||||||||||||||||||||||||||||||||||||||||
|
Tax-exempt
|
259,705 | 8,848 | 3.41 | % | 193,252 | 7,821 | 4.05 | % | 217,190 | 9,232 | 4.25 | % | |||||||||||||||||||||||||||||||||||||||||
| Total securities | 1,281,704 | 32,950 | 2.57 | % | 1,244,376 | 37,607 | 3.02 | % | 1,061,882 | 32,945 | 3.10 | % | |||||||||||||||||||||||||||||||||||||||||
| Interest-bearing balances with banks | 385,810 | 1,190 | 0.31 | % | 256,374 | 5,891 | 2.30 | % | 148,677 | 3,076 | 2.07 | % | |||||||||||||||||||||||||||||||||||||||||
| Total interest-earning assets | 12,622,461 | 505,017 | 4.00 | % | 11,028,040 | 548,909 | 4.98 | % | 9,662,416 | 467,755 | 4.84 | % | |||||||||||||||||||||||||||||||||||||||||
| Cash and due from banks | 201,815 | 179,991 | 163,286 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible assets | 973,287 | 976,065 | 747,008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Other assets | 705,886 | 691,890 | 531,857 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total assets | $ | 14,503,449 | $ | 12,875,986 | $ | 11,104,567 | |||||||||||||||||||||||||||||||||||||||||||||||
| Liabilities and shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Interest-bearing demand
(3)
|
$ | 5,277,374 | $ | 23,995 | 0.45 | % | $ | 4,754,201 | $ | 40,991 | 0.86 | % | $ | 4,246,585 | $ | 23,678 | 0.56 | % | |||||||||||||||||||||||||||||||||||
| Savings deposits | 764,146 | 758 | 0.10 | % | 647,271 | 1,258 | 0.19 | % | 596,990 | 868 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||
| Time deposits | 1,952,213 | 29,263 | 1.50 | % | 2,320,775 | 39,746 | 1.71 | % | 2,040,675 | 25,214 | 1.24 | % | |||||||||||||||||||||||||||||||||||||||||
| Total interest-bearing deposits | 7,993,733 | 54,016 | 0.68 | % | 7,722,247 | 81,995 | 1.06 | % | 6,884,250 | 49,760 | 0.72 | % | |||||||||||||||||||||||||||||||||||||||||
| Borrowed funds | 765,769 | 17,319 | 2.26 | % | 405,975 | 16,928 | 4.17 | % | 388,077 | 15,569 | 4.01 | % | |||||||||||||||||||||||||||||||||||||||||
| Total interest-bearing liabilities | 8,759,502 | 71,335 | 0.81 | % | 8,128,222 | 98,923 | 1.22 | % | 7,272,327 | 65,329 | 0.90 | % | |||||||||||||||||||||||||||||||||||||||||
| Noninterest-bearing deposits | 3,391,619 | 2,463,436 | 2,036,754 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Other liabilities | 237,738 | 176,496 | 94,152 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders’ equity | 2,114,590 | 2,107,832 | 1,701,334 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 14,503,449 | $ | 12,875,986 | $ | 11,104,567 | |||||||||||||||||||||||||||||||||||||||||||||||
| Net interest income/ net interest margin | $ | 433,682 | 3.44 | % | $ | 449,986 | 4.08 | % | $ | 402,426 | 4.16 | % | |||||||||||||||||||||||||||||||||||||||||
| 2020 Compared to 2019 | 2019 Compared to 2018 | ||||||||||||||||||||||||||||||||||
| Volume | Rate | Net | Volume | Rate | Net | ||||||||||||||||||||||||||||||
| Interest income: | |||||||||||||||||||||||||||||||||||
| Loans: | |||||||||||||||||||||||||||||||||||
| Not purchased | $ | 52,323 | $ | (56,699) | $ | (4,376) | $ | 37,643 | $ | 13,386 | $ | 51,029 | |||||||||||||||||||||||
| Purchased | (33,597) | (14,186) | (47,783) | 13,855 | 3,514 | 17,369 | |||||||||||||||||||||||||||||
| Paycheck Protection Program | 23,605 | — | 23,605 | — | — | — | |||||||||||||||||||||||||||||
| Loans held for sale | 134 | (6,114) | (5,980) | 4,068 | 1,211 | 5,279 | |||||||||||||||||||||||||||||
| Securities: | |||||||||||||||||||||||||||||||||||
| Taxable | (806) | (4,878) | (5,684) | 5,848 | 225 | 6,073 | |||||||||||||||||||||||||||||
| Tax-exempt | 2,398 | (1,371) | 1,027 | (984) | (427) | (1,411) | |||||||||||||||||||||||||||||
| Interest-bearing balances with banks | 2,026 | (6,727) | (4,701) | 2,442 | 373 | 2,815 | |||||||||||||||||||||||||||||
| Total interest-earning assets | 46,083 | (89,975) | (43,892) | 62,872 | 18,282 | 81,154 | |||||||||||||||||||||||||||||
| Interest expense: | |||||||||||||||||||||||||||||||||||
| Interest-bearing demand deposits | 4,108 | (21,104) | (16,996) | 3,108 | 14,205 | 17,313 | |||||||||||||||||||||||||||||
| Savings deposits | 197 | (697) | (500) | 78 | 312 | 390 | |||||||||||||||||||||||||||||
| Time deposits | (5,871) | (4,612) | (10,483) | 3,811 | 10,721 | 14,532 | |||||||||||||||||||||||||||||
| Borrowed funds | 10,475 | (10,084) | 391 | 733 | 626 | 1,359 | |||||||||||||||||||||||||||||
| Total interest-bearing liabilities | 8,909 | (36,497) | (27,588) | 7,730 | 25,864 | 33,594 | |||||||||||||||||||||||||||||
| Change in net interest income | $ | 37,174 | $ | (53,478) | $ | (16,304) | $ | 55,142 | $ | (7,582) | $ | 47,560 | |||||||||||||||||||||||
| Percentage of Total | Yield | ||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
| Loans held for investment excluding PPP loans | 77.13 | % | 83.15 | % | 4.47 | % | 5.31 | % | |||||||||||||||
| Paycheck Protection Program | 6.80 | — | 2.75 | — | |||||||||||||||||||
| Loans held for sale | 2.86 | 3.25 | 3.37 | 5.07 | |||||||||||||||||||
| Securities | 10.15 | 11.28 | 2.57 | 3.02 | |||||||||||||||||||
| Interest-bearing balances with banks | 3.06 | 2.32 | 0.31 | 2.30 | |||||||||||||||||||
| Total earning assets | 100.00 | % | 100.00 | % | 4.00 | % | 4.98 | % | |||||||||||||||
| Twelve months ended December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Taxable equivalent interest income on loans | $ | 470,877 | $ | 505,411 | |||||||
| Average loans, including loans held for sale | $ | 10,954,947 | $ | 9,527,290 | |||||||
| Loan yield | 4.30 | % | 5.30 | % | |||||||
| Twelve months ended December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Net interest income collected on problem loans | $ | 1,011 | $ | 4,042 | |||||||
|
Accretable yield recognized on purchased loans
(1)
|
19,248 | 27,227 | |||||||||
| Total impact to interest income on loans | $ | 20,259 | $ | 31,269 | |||||||
| Impact to total loan yield | 0.18 | % | 0.33 | % | |||||||
| Impact to net interest margin | 0.16 | % | 0.28 | % | |||||||
| Twelve months ended December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Taxable equivalent interest income on securities | $ | 32,950 | $ | 37,607 | |||||||
| Average securities | $ | 1,281,704 | $ | 1,244,376 | |||||||
| Taxable equivalent yield on securities | 2.57 | % | 3.02 | % | |||||||
| Percentage of Total | Cost of Funds | ||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
| Noninterest-bearing demand | 27.91 | % | 23.26 | % | — | % | — | % | |||||||||||||||
| Interest-bearing demand | 43.43 | 44.89 | 0.45 | 0.86 | |||||||||||||||||||
| Savings | 6.29 | 6.11 | 0.10 | 0.19 | |||||||||||||||||||
| Time deposits | 16.07 | 21.91 | 1.50 | 1.71 | |||||||||||||||||||
| Short-term borrowings | 2.94 | 1.17 | 1.07 | 2.43 | |||||||||||||||||||
| Long-term Federal Home Loan Bank advances | 1.25 | 0.35 | 0.61 | 1.51 | |||||||||||||||||||
| Subordinated notes | 1.20 | 1.27 | 5.28 | 6.24 | |||||||||||||||||||
| Other long-term borrowed funds | 0.91 | 1.04 | 4.40 | 4.48 | |||||||||||||||||||
| Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 0.59 | % | 0.93 | % | |||||||||||||||
| Noninterest Income to Average Assets | ||||||||
| (Excludes securities gains/losses) | ||||||||
| 2020 | 2019 | |||||||
| 1.62% | 1.19% | |||||||
| 2020 | 2019 | ||||||||||
| Gain on sales of loans, net | $ | 150,406 | $ | 45,854 | |||||||
| Fees, net | 18,914 | 11,385 | |||||||||
| Mortgage servicing income, net | (7,095) | 2,493 | |||||||||
| MSR valuation adjustment | (11,726) | (1,836) | |||||||||
| Mortgage banking income, net | $ | 150,499 | $ | 57,896 | |||||||
| Noninterest Expense to Average Assets | ||||||||
| 2020 | 2019 | |||||||
| 3.25% | 2.91% | |||||||
| Twelve Months Ended December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| COVID-19 related expenses | $ | 10,343 | $ | — | |||||||
| Restructuring charges | 7,365 | — | |||||||||
| Swap termination charges | 2,040 | — | |||||||||
| Debt prepayment penalty | 121 | 54 | |||||||||
| Merger and conversion expenses | — | 279 | |||||||||
| Efficiency Ratio | |||||||||||
| 2020 | 2019 | ||||||||||
| Efficiency ratio (GAAP) | 70.53% | 62.03% | |||||||||
|
Adjusted efficiency ratio (Non-GAAP)
(1)
|
64.00% | 60.48% | |||||||||
| 2020 | 2019 | ||||||||||||||||
| Balance | % of Total | Balance | % of Total | ||||||||||||||
| Commercial, financial, agricultural | $ | 39,031 | 23.20 | % | $ | 10,658 | 14.12 | % | |||||||||
| Lease financing | 1,624 | 0.69 | % | 910 | 0.84 | % | |||||||||||
| Real estate – construction | 16,047 | 7.85 | % | 5,029 | 8.53 | % | |||||||||||
| Real estate – 1-4 family mortgage | 32,165 | 24.68 | % | 9,814 | 29.59 | % | |||||||||||
| Real estate – commercial mortgage | 76,127 | 41.66 | % | 24,990 | 43.80 | % | |||||||||||
| Installment loans to individuals | 11,150 | 1.92 | % | 761 | 3.12 | % | |||||||||||
| Total | $ | 176,144 | 100.00 | % | $ | 52,162 | 100.00 | % | |||||||||
| Provision for Credit Losses on Loans to Average Loans | ||||||||
| 2020 | 2019 | |||||||
| 0.81% | 0.08% | |||||||
| 2020 | 2019 | ||||||||||
| Balance at beginning of year | $ | 52,162 | $ | 49,026 | |||||||
| Impact of adoption of ASC 326 | 42,484 | — | |||||||||
| Provision for credit losses on loans | 85,350 | 7,050 | |||||||||
| Charge-offs | |||||||||||
| Commercial, financial, agricultural | 3,577 | 2,681 | |||||||||
| Lease financing | 168 | 278 | |||||||||
| Real estate – construction | 716 | — | |||||||||
| Real estate – 1-4 family mortgage | 1,167 | 1,602 | |||||||||
| Real estate – commercial mortgage | 2,642 | 1,490 | |||||||||
| Installment loans to individuals | 7,835 | 7,427 | |||||||||
| Total charge-offs | 16,105 | 13,478 | |||||||||
| Recoveries | |||||||||||
| Commercial, financial, agricultural | 1,263 | 1,428 | |||||||||
| Lease financing | 11 | 7 | |||||||||
| Real estate – construction | 31 | 21 | |||||||||
| Real estate – 1-4 family mortgage | 838 | 712 | |||||||||
| Real estate – commercial mortgage | 2,478 | 689 | |||||||||
| Installment loans to individuals | 7,632 | 6,707 | |||||||||
| Total recoveries | 12,253 | 9,564 | |||||||||
| Net charge-offs | 3,852 | 3,914 | |||||||||
| Balance at end of year | $ | 176,144 | $ | 52,162 | |||||||
| Net charge-offs to average loans | 0.04 | % | 0.04 | % | |||||||
| Net charge-offs to allowance for credit losses on loans | 2.19 | % | 7.50 | % | |||||||
| Allowance for credit losses on loans to: | |||||||||||
| Total loans | 1.61 | % | 0.54 | % | |||||||
|
Total loans excluding PPP loans
(1)
|
1.80 | % | 0.54 | % | |||||||
| Nonperforming loans | 317.55 | % | 143.61 | % | |||||||
| Nonaccrual loans | 342.56 | % | 182.72 | % | |||||||
| 2020 | 2019 | |||||||||||||||||||
| Net Charge-offs | Average Loans | Net Charge-offs to Average Loans | Net Charge-offs | Average Loans | Net Charge-offs to Average Loans | |||||||||||||||
| Commercial, financial, agricultural | $ | 2,314 | $ | 2,242,764 | 0.10% | $ | 1,253 | $ | 1,313,228 | 0.10% | ||||||||||
| Lease financing | 157 | 83,571 | 0.19% | 271 | 63,078 | 0.43% | ||||||||||||||
| Real estate – construction | 685 | 816,311 | 0.08% | (21) | 774,053 | —% | ||||||||||||||
| Real estate – 1-4 family mortgage | 329 | 2,785,018 | 0.01% | 890 | 2,782,614 | 0.03% | ||||||||||||||
| Real estate – commercial mortgage | 164 | 4,388,743 | —% | 801 | 4,038,568 | 0.02% | ||||||||||||||
| Installment loans to individuals | 203 | 277,149 | 0.07% | 720 | 197,014 | 0.37% | ||||||||||||||
| Total | $ | 3,852 | $ | 10,593,556 | 0.04% | $ | 3,914 | $ | 9,168,555 | 0.04% | ||||||||||
| 2020 | 2019 | ||||||||||
| Real estate – construction: | |||||||||||
| Residential | $ | 685 | $ | (21) | |||||||
| Commercial | — | — | |||||||||
| Total real estate – construction | 685 | (21) | |||||||||
| Real estate – 1-4 family mortgage: | |||||||||||
| Primary | 883 | 917 | |||||||||
| Home equity | (87) | 121 | |||||||||
| Rental/investment | 27 | 79 | |||||||||
| Land development | (494) | (227) | |||||||||
| Total real estate – 1-4 family mortgage | 329 | 890 | |||||||||
| Real estate – commercial mortgage: | |||||||||||
| Owner-occupied | 1,257 | 474 | |||||||||
| Non-owner occupied | (1,115) | 372 | |||||||||
| Land development | 22 | (45) | |||||||||
| Total real estate – commercial mortgage | 164 | 801 | |||||||||
| Total net charge-offs of loans secured by real estate | $ | 1,178 | $ | 1,670 | |||||||
| December 31, 2020 | |||||
| Allowance for credit losses on unfunded loan commitments: | |||||
| Beginning balance | $ | 946 | |||
| Impact of the adoption of ASC 326 | 10,389 | ||||
| Provision for credit losses on unfunded loan commitments (included in other noninterest expense) | 9,200 | ||||
| Ending balance | $ | 20,535 | |||
| Non Purchased | Purchased | Total | |||||||||||||||
| December 31, 2020 | |||||||||||||||||
| Nonaccruing loans | $ | 20,369 | $ | 31,051 | $ | 51,420 | |||||||||||
| Accruing loans past due 90 days or more | 3,783 | 267 | 4,050 | ||||||||||||||
| Total nonperforming loans | 24,152 | 31,318 | 55,470 | ||||||||||||||
| Other real estate owned | 2,045 | 3,927 | 5,972 | ||||||||||||||
| Total nonperforming assets | $ | 26,197 | $ | 35,245 | $ | 61,442 | |||||||||||
| Nonperforming loans to total loans | 0.51 | % | |||||||||||||||
| Nonaccruing loans to total loans | 0.47 | % | |||||||||||||||
| Nonperforming assets to total assets | 0.41 | % | |||||||||||||||
| December 31, 2019 | |||||||||||||||||
| Nonaccruing loans | $ | 21,509 | $ | 7,038 | $ | 28,547 | |||||||||||
| Accruing loans past due 90 days or more | 3,458 | 4,317 | 7,775 | ||||||||||||||
| Total nonperforming loans | 24,967 | 11,355 | 36,322 | ||||||||||||||
| Other real estate owned | 2,762 | 5,248 | 8,010 | ||||||||||||||
| Total nonperforming assets | $ | 27,729 | $ | 16,603 | $ | 44,332 | |||||||||||
| Nonperforming loans to total loans | 0.37 | % | |||||||||||||||
| Nonaccruing loans to total loans | 0.29 | % | |||||||||||||||
| Nonperforming assets to total assets | 0.33 | % | |||||||||||||||
| 2020 | 2019 | ||||||||||
| Commercial, financial, agricultural | $ | 16,668 | $ | 8,458 | |||||||
| Lease financing | 48 | 226 | |||||||||
| Real estate – construction: | |||||||||||
| Residential | 497 | — | |||||||||
| Total real estate – construction | 497 | — | |||||||||
| Real estate – 1-4 family mortgage: | |||||||||||
| Primary | 16,317 | 14,270 | |||||||||
| Home equity | 2,273 | 2,328 | |||||||||
| Rental/investment | 1,526 | 1,958 | |||||||||
| Land development | 345 | 367 | |||||||||
| Total real estate – 1-4 family mortgage | 20,461 | 18,923 | |||||||||
| Real estate – commercial mortgage: | |||||||||||
| Owner-occupied | 6,364 | 4,526 | |||||||||
| Non-owner occupied | 10,204 | 2,459 | |||||||||
| Land development | 572 | 1,109 | |||||||||
| Total real estate – commercial mortgage | 17,140 | 8,094 | |||||||||
| Installment loans to individuals | 656 | 621 | |||||||||
| Total nonperforming loans | $ | 55,470 | $ | 36,322 | |||||||
| 2020 | 2019 | ||||||||||
| Commercial, financial, agricultural | $ | 2,326 | $ | 523 | |||||||
| Real estate – 1-4 family mortgage: | |||||||||||
| Primary | 9,460 | 6,987 | |||||||||
| Home equity | 332 | 213 | |||||||||
| Rental/investment | 432 | 596 | |||||||||
| Total real estate – 1-4 family mortgage | 10,224 | 7,796 | |||||||||
| Real estate – commercial mortgage: | |||||||||||
| Owner-occupied | 6,838 | 3,096 | |||||||||
| Non-owner occupied | 797 | 503 | |||||||||
| Land development | 183 | 36 | |||||||||
| Total real estate – commercial mortgage | 7,818 | 3,635 | |||||||||
| Installment loans to individuals | 80 | — | |||||||||
| Total restructured loans | $ | 20,448 | $ | 11,954 | |||||||
| 2020 | 2019 | ||||||||||
| Balance as of January 1 | $ | 11,954 | $ | 12,820 | |||||||
| Additional loans with concessions | 14,533 | 3,829 | |||||||||
| Reclassified as performing | 428 | 2,183 | |||||||||
| Reductions due to: | |||||||||||
| Reclassified as nonperforming | (3,321) | (2,772) | |||||||||
| Paid in full | (2,387) | (951) | |||||||||
| Charge-offs | (3) | (101) | |||||||||
| Principal paydowns | (756) | (678) | |||||||||
| Measurement period adjustment on recently acquired loans | — | (2,376) | |||||||||
| Balance as of December 31 | $ | 20,448 | $ | 11,954 | |||||||
| 2020 | 2019 | ||||||||||
| Nonaccruing loans | $ | 51,420 | $ | 28,547 | |||||||
| Accruing loans past due 90 days or more | 4,050 | 7,775 | |||||||||
| Total nonperforming loans | 55,470 | 36,322 | |||||||||
| Restructured loans | 20,448 | 11,954 | |||||||||
| Total nonperforming and restructured loans | $ | 75,918 | $ | 48,276 | |||||||
| 2020 | 2019 | ||||||||||
| Residential real estate | $ | 179 | $ | 1,305 | |||||||
| Commercial real estate | 2,665 | 3,654 | |||||||||
| Residential land development | 1,013 | 899 | |||||||||
| Commercial land development | 2,115 | 2,152 | |||||||||
| Total other real estate owned | $ | 5,972 | $ | 8,010 | |||||||
| 2020 | 2019 | ||||||||||
| Balance as of January 1 | $ | 8,010 | $ | 11,040 | |||||||
| Transfers of loans | 8,588 | 4,764 | |||||||||
| Impairments | (2,160) | (1,265) | |||||||||
| Dispositions | (8,415) | (6,498) | |||||||||
| Other | (51) | (31) | |||||||||
| Balance as of December 31 | $ | 5,972 | $ | 8,010 | |||||||
| Percentage Change In: | ||||||||||||||||||||
| Immediate Change in Rates of: | Economic Value Equity (EVE) |
Earning at Risk (EAR)
(Net Interest Income) |
||||||||||||||||||
| Static | 1-12 Months | 13-24 Months | ||||||||||||||||||
| +200 | 18.54% | 13.66% | 20.69% | |||||||||||||||||
| +100 | 10.14% | 6.85% | 10.60% | |||||||||||||||||
| Percentage of Total | Cost of Funds | ||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
| Noninterest-bearing demand | 27.91 | % | 23.26 | % | — | % | — | % | |||||||||||||||
| Interest-bearing demand | 43.43 | 44.89 | 0.45 | 0.86 | |||||||||||||||||||
| Savings | 6.29 | 6.11 | 0.10 | 0.19 | |||||||||||||||||||
| Time deposits | 16.07 | 21.91 | 1.50 | 1.71 | |||||||||||||||||||
| Short-term borrowings | 2.94 | 1.17 | 1.07 | 2.43 | |||||||||||||||||||
| Long-term Federal Home Loan Bank advances | 1.25 | 0.35 | 0.61 | 1.51 | |||||||||||||||||||
| Subordinated notes | 1.20 | 1.27 | 5.28 | 6.24 | |||||||||||||||||||
| Other long-term borrowings | 0.91 | 1.04 | 4.40 | 4.48 | |||||||||||||||||||
| Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 0.59 | % | 0.93 | % | |||||||||||||||
| 2020 | 2019 | ||||||||||
| Loan commitments | $ | 2,749,988 | $ | 2,324,262 | |||||||
| Standby letters of credit | 90,597 | 94,824 | |||||||||
| Payments Due In: | |||||||||||||||||||||||||||||||||||
|
Note
Reference |
Less Than
One Year |
One to
Three Years |
Three to
Five Years |
Over Five
Years |
Total | ||||||||||||||||||||||||||||||
|
Lease liabilities
(1)
|
25 | $ | 8,607 | $ | 15,516 | $ | 12,646 | $ | 54,106 | $ | 90,875 | ||||||||||||||||||||||||
|
Deposits without a stated maturity
(2)
|
10 | 10,363,193 | — | — | — | 10,363,193 | |||||||||||||||||||||||||||||
|
Time deposits
(2)
|
10 | 1,228,457 | 415,997 | 45,008 | 6,426 | 1,695,888 | |||||||||||||||||||||||||||||
| Short-term borrowings | 11 | 21,340 | — | — | — | 21,340 | |||||||||||||||||||||||||||||
| Federal Home Loan Bank advances | 12 | 100 | 451 | — | 151,616 | 152,167 | |||||||||||||||||||||||||||||
| Junior subordinated debentures | 12 | — | — | — | 110,794 | 110,794 | |||||||||||||||||||||||||||||
| Subordinated notes | 12 | — | — | — | 212,009 | 212,009 | |||||||||||||||||||||||||||||
| Total contractual obligations | $ | 11,621,697 | $ | 431,964 | $ | 57,654 | $ | 534,951 | $ | 12,646,266 | |||||||||||||||||||||||||
| Capital Tiers |
Tier 1 Capital to
Average Assets (Leverage) |
Common Equity Tier 1 to
Risk - Weighted Assets |
Tier 1 Capital to
Risk - Weighted Assets |
Total Capital to
Risk - Weighted Assets |
|||||||||||||||||||
| Well capitalized | 5% or above | 6.5% or above | 8% or above | 10% or above | |||||||||||||||||||
| Adequately capitalized | 4% or above | 4.5% or above | 6% or above | 8% or above | |||||||||||||||||||
| Undercapitalized | Less than 4% | Less than 4.5% | Less than 6% | Less than 8% | |||||||||||||||||||
| Significantly undercapitalized | Less than 3% | Less than 3% | Less than 4% | Less than 6% | |||||||||||||||||||
| Critically undercapitalized | Tangible Equity / Total Assets less than 2% | ||||||||||||||||||||||
| Actual |
Minimum Capital
Requirement to be Well Capitalized |
Minimum Capital
Requirement to be Adequately Capitalized (including the phase-in of the Capital Conservation Buffer) |
|||||||||||||||||||||||||||||||||
| Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||||||||||||||
| Renasant Corporation: | |||||||||||||||||||||||||||||||||||
| Tier 1 leverage ratio | $ | 1,306,597 | 9.37 | % | $ | 697,579 | 5.00 | % | $ | 558,063 | 4.00 | % | |||||||||||||||||||||||
| Common equity tier 1 capital ratio | 1,199,394 | 10.93 | % | 713,086 | 6.50 | % | 767,939 | 7.00 | % | ||||||||||||||||||||||||||
| Tier 1 risk-based capital ratio | 1,306,597 | 11.91 | % | 877,644 | 8.00 | % | 932,497 | 8.50 | % | ||||||||||||||||||||||||||
| Total risk-based capital ratio | 1,653,694 | 15.07 | % | 1,097,055 | 10.00 | % | 1,151,908 | 10.50 | % | ||||||||||||||||||||||||||
| Renasant Bank: | |||||||||||||||||||||||||||||||||||
| Tier 1 leverage ratio | $ | 1,369,994 | 9.83 | % | $ | 696,738 | 5.00 | % | $ | 557,391 | 4.00 | % | |||||||||||||||||||||||
| Common equity tier 1 capital ratio | 1,369,994 | 12.49 | % | 712,709 | 6.50 | % | 767,533 | 7.00 | % | ||||||||||||||||||||||||||
| Tier 1 risk-based capital ratio | 1,369,994 | 12.49 | % | 877,181 | 8.00 | % | 932,004 | 8.50 | % | ||||||||||||||||||||||||||
| Total risk-based capital ratio | 1,504,985 | 13.73 | % | 1,096,476 | 10.00 | % | 151,299 | 10.50 | % | ||||||||||||||||||||||||||
| December 31, 2019 | |||||||||||||||||||||||||||||||||||
| Renasant Corporation: | |||||||||||||||||||||||||||||||||||
| Tier 1 leverage ratio | $ | 1,262,588 | 10.37 | % | $ | 608,668 | 5.00 | % | $ | 486,934 | 4.00 | % | |||||||||||||||||||||||
| Common equity tier 1 capital ratio | 1,156,828 | 11.12 | % | 676,106 | 6.50 | % | 728,114 | 7.00 | % | ||||||||||||||||||||||||||
| Tier 1 risk-based capital ratio | 1,262,588 | 12.14 | % | 832,131 | 8.00 | % | 884,139 | 8.50 | % | ||||||||||||||||||||||||||
| Total risk-based capital ratio | 1,432,949 | 13.78 | % | 1,040,163 | 10.00 | % | 1,092,171 | 10.50 | % | ||||||||||||||||||||||||||
| Renasant Bank: | |||||||||||||||||||||||||||||||||||
| Tier 1 leverage ratio | $ | 1,331,809 | 10.95 | % | $ | 607,907 | 5.00 | % | $ | 486,326 | 4.00 | % | |||||||||||||||||||||||
| Common equity tier 1 capital ratio | 1,331,809 | 12.81 | % | 675,581 | 6.50 | % | 727,548 | 7.00 | % | ||||||||||||||||||||||||||
| Tier 1 risk-based capital ratio | 1,331,809 | 12.81 | % | 831,484 | 8.00 | % | 883,452 | 8.50 | % | ||||||||||||||||||||||||||
| Total risk-based capital ratio | 1,388,553 | 13.36 | % | 1,039,355 | 10.00 | % | 1,091,323 | 10.50 | % | ||||||||||||||||||||||||||
| Return on average tangible shareholders' equity and Return on average tangible assets | ||||||||||||||||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||
| Net income (GAAP) | $ | 83,651 | $ | 167,596 | $ | 146,920 | ||||||||||||||
| Amortization of intangibles | 7,121 | 8,105 | 7,179 | |||||||||||||||||
|
Tax effect of adjustment noted above
(1)
|
(1,382) | (1,807) | (1,588) | |||||||||||||||||
| Tangible net income (non-GAAP) | $ | 89,390 | $ | 173,894 | $ | 152,511 | ||||||||||||||
| Average shareholders' equity (GAAP) | $ | 2,114,590 | $ | 2,107,832 | $ | 1,701,334 | ||||||||||||||
| Intangibles | 973,287 | 976,065 | 747,008 | |||||||||||||||||
| Average tangible shareholders' equity (non-GAAP) | $ | 1,141,303 | $ | 1,131,767 | $ | 954,326 | ||||||||||||||
| Average total assets (GAAP) | $ | 14,503,449 | $ | 12,875,986 | $ | 11,104,567 | ||||||||||||||
| Intangibles | 973,287 | 976,065 | 747,008 | |||||||||||||||||
| Average tangible assets (non-GAAP) | $ | 13,530,162 | $ | 11,899,921 | $ | 10,357,559 | ||||||||||||||
| Return on (average) shareholders' equity (GAAP) | 3.96 | % | 7.95 | % | 8.64 | % | ||||||||||||||
| Effect of adjustment for intangible assets | 3.87 | % | 7.41 | % | 7.34 | % | ||||||||||||||
| Return on average tangible shareholders' equity (non-GAAP) | 7.83 | % | 15.36 | % | 15.98 | % | ||||||||||||||
| Return on (average) assets (GAAP) | 0.58 | % | 1.30 | % | 1.32 | % | ||||||||||||||
| Effect of adjustment for intangible assets | 0.08 | % | 0.16 | % | 0.15 | % | ||||||||||||||
| Return on average tangible assets (non-GAAP) | 0.66 | % | 1.46 | % | 1.47 | % | ||||||||||||||
| Tangible common equity ratio (Tangible shareholders' equity to tangible assets) | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Actual shareholders' equity (GAAP) | $ | 2,132,733 | $ | 2,125,689 | $ | 2,043,913 | |||||||||||
| Intangibles | 969,823 | 976,943 | 977,793 | ||||||||||||||
| Actual tangible shareholders' equity (non-GAAP) | $ | 1,162,910 | $ | 1,148,746 | $ | 1,066,120 | |||||||||||
| Actual total assets (GAAP) | $ | 14,929,612 | $ | 13,400,618 | $ | 12,934,878 | |||||||||||
| Intangibles | 969,823 | 976,943 | 977,793 | ||||||||||||||
| Actual tangible assets (non-GAAP) | $ | 13,959,789 | $ | 12,423,675 | $ | 11,957,085 | |||||||||||
| Tangible Common Equity Ratio | |||||||||||||||||
| Shareholders' equity to actual assets (GAAP) | 14.29 | % | 15.86 | % | 15.80 | % | |||||||||||
| Effect of adjustment for intangible assets | 5.96 | % | 6.61 | % | 6.88 | % | |||||||||||
| Tangible shareholders' equity to tangible assets (non-GAAP) | 8.33 | % | 9.25 | % | 8.92 | % | |||||||||||
| Adjusted Efficiency Ratio | ||||||||||||||
| 2020 | 2019 | |||||||||||||
| Interest income (fully tax equivalent basis) | $ | 505,017 | $ | 548,909 | ||||||||||
| Interest expense | 71,335 | 98,923 | ||||||||||||
| Net interest income (fully tax equivalent basis) | $ | 433,682 | $ | 449,986 | ||||||||||
| Total noninterest income | $ | 235,532 | $ | 153,254 | ||||||||||
| Net gains on sales of securities | 46 | 348 | ||||||||||||
| MSR valuation adjustment | (11,726) | (1,836) | ||||||||||||
| Adjusted noninterest income | $ | 247,212 | $ | 154,742 | ||||||||||
| Total noninterest expense | $ | 471,988 | $ | 374,174 | ||||||||||
| Intangible amortization | 7,121 | 8,105 | ||||||||||||
| Merger and conversion related expenses | — | 279 | ||||||||||||
| Debt prepayment penalty | 121 | 54 | ||||||||||||
| Restructuring charges | 7,365 | — | ||||||||||||
| Swap termination charges | 2,040 | — | ||||||||||||
| COVID-19 related expenses | 10,343 | — | ||||||||||||
| Provision for unfunded commitments | 9,200 | — | ||||||||||||
| Adjusted noninterest expense | $ | 435,798 | $ | 365,736 | ||||||||||
| Efficiency Ratio (GAAP) | 70.53 | % | 62.03 | % | ||||||||||
| Adjusted Efficiency Ratio (non-GAAP) | 64.00 | % | 60.48 | % | ||||||||||
| Allowance for Credit Losses on Loans to Total Loans, excluding PPP Loans | ||||||||
| 2020 | ||||||||
| Total loans (GAAP) | $ | 10,933,647 | ||||||
| Less PPP loans | 1,128,703 | |||||||
| Adjusted total loans (non-GAAP) | $ | 9,804,944 | ||||||
| Allowance for Credit Losses on Loans | $ | 176,144 | ||||||
| ACL/Total loans (GAAP) | 1.61 | % | ||||||
| ACL/Total loans excluding PPP loans (non-GAAP) | 1.80 | % | ||||||
| Page | |||||
|
|
|||||||
| C. Mitchell Waycaster | James C. Mabry IV | |||||||
| President and | Executive Vice President and | |||||||
| Chief Executive Officer | Chief Financial Officer | |||||||
| February 26, 2021 | ||||||||
| /s/ HORNE LLP | ||
| We have served as the Company’s auditor since 2005. | ||
| Memphis, Tennessee | ||
| February 26, 2021 | ||
| /s/ HORNE LLP | ||
| Memphis, Tennessee | ||
| February 26, 2021 | ||
| December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Assets | |||||||||||
| Cash and due from banks | $ |
|
$ |
|
|||||||
| Interest-bearing balances with banks |
|
|
|||||||||
| Cash and cash equivalents |
|
|
|||||||||
| Securities available for sale, at fair value |
|
|
|||||||||
| Loans held for sale, at fair value |
|
|
|||||||||
| Loans, net of unearned income: | |||||||||||
| Non purchased loans and leases |
|
|
|||||||||
| Purchased loans |
|
|
|||||||||
| Total loans, net of unearned income |
|
|
|||||||||
| Allowance for credit losses |
(
|
(
|
|||||||||
| Loans, net |
|
|
|||||||||
| Premises and equipment, net |
|
|
|||||||||
| Other real estate owned: | |||||||||||
| Non purchased |
|
|
|||||||||
| Purchased |
|
|
|||||||||
| Total other real estate owned, net |
|
|
|||||||||
| Goodwill |
|
|
|||||||||
| Other intangible assets, net |
|
|
|||||||||
| Bank-owned life insurance |
|
|
|||||||||
| Mortgage servicing rights |
|
|
|||||||||
| Other assets |
|
|
|||||||||
| Total assets | $ |
|
$ |
|
|||||||
| Liabilities and shareholders’ equity | |||||||||||
| Liabilities | |||||||||||
| Deposits | |||||||||||
| Noninterest-bearing | $ |
|
$ |
|
|||||||
| Interest-bearing |
|
|
|||||||||
| Total deposits |
|
|
|||||||||
| Short-term borrowings |
|
|
|||||||||
| Long-term debt |
|
|
|||||||||
| Other liabilities |
|
|
|||||||||
| Total liabilities |
|
|
|||||||||
| Shareholders’ equity | |||||||||||
|
Preferred stock, $
|
|
|
|||||||||
|
Common stock, $
|
|
|
|||||||||
|
Treasury stock, at cost,
|
(
|
(
|
|||||||||
| Additional paid-in capital |
|
|
|||||||||
| Retained earnings |
|
|
|||||||||
| Accumulated other comprehensive income, net of taxes |
|
|
|||||||||
| Total shareholders’ equity |
|
|
|||||||||
| Total liabilities and shareholders’ equity | $ |
|
$ |
|
|||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Interest income | |||||||||||||||||
| Loans | $ |
|
$ |
|
$ |
|
|||||||||||
| Securities | |||||||||||||||||
| Taxable |
|
|
|
||||||||||||||
| Tax-exempt |
|
|
|
||||||||||||||
| Other |
|
|
|
||||||||||||||
| Total interest income |
|
|
|
||||||||||||||
| Interest expense | |||||||||||||||||
| Deposits |
|
|
|
||||||||||||||
| Borrowings |
|
|
|
||||||||||||||
| Total interest expense |
|
|
|
||||||||||||||
| Net interest income |
|
|
|
||||||||||||||
| Provision for loan losses |
|
|
|
||||||||||||||
| Provision for other credit losses |
|
|
|
||||||||||||||
| Provision for credit losses |
|
|
|
||||||||||||||
| Net interest income after provision for credit losses |
|
|
|
||||||||||||||
| Noninterest income | |||||||||||||||||
| Service charges on deposit accounts |
|
|
|
||||||||||||||
| Fees and commissions |
|
|
|
||||||||||||||
| Insurance commissions |
|
|
|
||||||||||||||
| Wealth management revenue |
|
|
|
||||||||||||||
| Mortgage banking income |
|
|
|
||||||||||||||
| Net gains (losses) on sales of securities |
|
|
(
|
||||||||||||||
| BOLI income |
|
|
|
||||||||||||||
| Other |
|
|
|
||||||||||||||
| Total noninterest income |
|
|
|
||||||||||||||
| Noninterest expense | |||||||||||||||||
| Salaries and employee benefits |
|
|
|
||||||||||||||
| Data processing |
|
|
|
||||||||||||||
| Net occupancy and equipment |
|
|
|
||||||||||||||
| Other real estate owned |
|
|
|
||||||||||||||
| Professional fees |
|
|
|
||||||||||||||
| Advertising and public relations |
|
|
|
||||||||||||||
| Intangible amortization |
|
|
|
||||||||||||||
| Communications |
|
|
|
||||||||||||||
| Merger and conversion related expenses |
|
|
|
||||||||||||||
| Restructuring charges |
|
|
|
||||||||||||||
| Swap termination fees |
|
|
|
||||||||||||||
| Debt prepayment penalty |
|
|
|
||||||||||||||
| Other |
|
|
|
||||||||||||||
| Total noninterest expense |
|
|
|
||||||||||||||
| Income before income taxes |
|
|
|
||||||||||||||
| Income taxes |
|
|
|
||||||||||||||
| Net income | $ |
|
$ |
|
$ |
|
|||||||||||
| Basic earnings per share | $ |
|
$ |
|
$ |
|
|||||||||||
| Diluted earnings per share | $ |
|
$ |
|
$ |
|
|||||||||||
| Cash dividends per common share | $ |
|
$ |
|
$ |
|
|||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Net income | $ |
|
$ |
|
$ |
|
|||||||||||
| Other comprehensive income, net of tax: | |||||||||||||||||
| Securities available for sale: | |||||||||||||||||
| Unrealized holding gains (losses) on securities |
|
|
(
|
||||||||||||||
| Reclassification adjustment for (gains) losses realized in net income |
(
|
|
|
||||||||||||||
| Total securities available for sale |
|
|
(
|
||||||||||||||
| Derivative instruments: | |||||||||||||||||
| Unrealized holding gains (losses) on derivative instruments |
|
(
|
|
||||||||||||||
| Reclassification adjustment for losses realized in net income related to swap termination |
|
|
|
||||||||||||||
| Total derivative instruments |
|
(
|
|
||||||||||||||
| Defined benefit pension and post-retirement benefit plans: | |||||||||||||||||
| Net gain arising during the period |
|
|
|
||||||||||||||
| Reclassification adjustment for settlement loss related to the VERP realized in net income |
|
|
|
||||||||||||||
| New prior service cost |
(
|
|
|
||||||||||||||
| Amortization of net actuarial loss recognized in net periodic pension cost |
|
|
|
||||||||||||||
| Amortization of prior service cost |
|
|
|
||||||||||||||
| Total defined benefit pension and post-retirement benefit plans |
|
|
|
||||||||||||||
| Other comprehensive income (loss), net of tax |
|
|
(
|
||||||||||||||
| Comprehensive income | $ |
|
$ |
|
$ |
|
|||||||||||
|
|
Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||
| Shares | Amount | Total | |||||||||||||||||||||||||||||||||||||||
| Balance at January 1, 2018 |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
|
||||||||||||||||||||||||||||
| Net income | — | — | — | — |
|
— |
|
||||||||||||||||||||||||||||||||||
| Other comprehensive loss | — | — | — | — | — |
(
|
(
|
||||||||||||||||||||||||||||||||||
| Comprehensive income |
|
||||||||||||||||||||||||||||||||||||||||
| Repurchase of shares in connection with stock repurchase program |
(
|
— |
(
|
— | — | — |
(
|
||||||||||||||||||||||||||||||||||
|
Cash dividends ($
|
— | — | — | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||||
| Common stock issued in connection with an acquisition |
|
|
— |
|
— | — |
|
||||||||||||||||||||||||||||||||||
| Repurchase of shares in connection with acquisition related to stock-based compensation awards |
(
|
— |
(
|
— | — | — |
(
|
||||||||||||||||||||||||||||||||||
| Issuance of common stock for stock-based compensation awards |
|
— |
|
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | — |
|
— | — |
|
||||||||||||||||||||||||||||||||||
| Other, net | — | — | — |
|
— | — |
|
||||||||||||||||||||||||||||||||||
| Balance at December 31, 2018 |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
|
||||||||||||||||||||||||||||
| Net income | — | — | — | — |
|
— |
|
||||||||||||||||||||||||||||||||||
| Other comprehensive income | — | — | — | — | — |
|
|
||||||||||||||||||||||||||||||||||
| Comprehensive income |
|
||||||||||||||||||||||||||||||||||||||||
| Repurchase of shares in connection with stock repurchase program |
(
|
— |
(
|
— | — | — |
(
|
||||||||||||||||||||||||||||||||||
|
Cash dividends ($
|
— | — | — | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||||
| Issuance of common stock for stock-based compensation awards |
|
— |
|
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | — |
|
— | — |
|
||||||||||||||||||||||||||||||||||
| Balance at December 31, 2019 |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||
|
Cumulative effect adjustment due to the adoption of
|
— | — | — | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||||
| Net income | — | — | — | — |
|
— |
|
||||||||||||||||||||||||||||||||||
| Other comprehensive income | — | — | — | — | — |
|
|
||||||||||||||||||||||||||||||||||
| Comprehensive income |
|
||||||||||||||||||||||||||||||||||||||||
| Repurchase of shares in connection with stock repurchase program |
(
|
— |
(
|
— | — | — |
(
|
||||||||||||||||||||||||||||||||||
|
Cash dividends ($
|
— | — | — | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||||
| Issuance of common stock for stock-based compensation awards |
|
— |
|
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | — |
|
— | — |
|
||||||||||||||||||||||||||||||||||
| Balance at December 31, 2020 |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Operating activities | |||||||||||||||||
| Net income | $ |
|
$ |
|
$ |
|
|||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
| Provision for credit losses |
|
|
|
||||||||||||||
| Depreciation, amortization and accretion |
|
|
|
||||||||||||||
| Deferred income tax (benefit) expense |
(
|
|
|
||||||||||||||
| Funding of mortgage loans held for sale |
(
|
(
|
(
|
||||||||||||||
| Proceeds from sales of mortgage loans held for sale |
|
|
|
||||||||||||||
| Gains on sales of mortgage loans held for sale |
(
|
(
|
(
|
||||||||||||||
| Valuation adjustment to mortgage servicing rights |
|
|
|
||||||||||||||
| (Gains) losses on sales of securities |
(
|
(
|
|
||||||||||||||
| Penalty on prepayment of debt |
|
|
|
||||||||||||||
| Losses (gains) on sales of premises and equipment |
|
(
|
(
|
||||||||||||||
| Stock-based compensation |
|
|
|
||||||||||||||
| Net change in other loans held for sale |
|
|
|
||||||||||||||
| (Increase) decrease in other assets |
(
|
|
(
|
||||||||||||||
| Increase (decrease) in other liabilities |
|
(
|
(
|
||||||||||||||
| Net cash provided by operating activities |
|
|
|
||||||||||||||
| Investing activities | |||||||||||||||||
| Purchases of securities available for sale |
(
|
(
|
(
|
||||||||||||||
| Proceeds from sales of securities available for sale |
|
|
|
||||||||||||||
| Proceeds from call/maturities of securities available for sale |
|
|
|
||||||||||||||
| Net increase in loans |
(
|
(
|
(
|
||||||||||||||
| Purchases of premises and equipment |
(
|
(
|
(
|
||||||||||||||
| Proceeds from sales of premises and equipment |
|
|
|
||||||||||||||
| Net change in FHLB stock |
|
(
|
(
|
||||||||||||||
| Proceeds from sales of other assets |
|
|
|
||||||||||||||
| Net cash (paid) received in acquisition |
|
(
|
|
||||||||||||||
| Other, net |
|
|
|
||||||||||||||
| Net cash used in investing activities |
(
|
(
|
(
|
||||||||||||||
| Financing activities | |||||||||||||||||
| Net increase in noninterest-bearing deposits |
|
|
|
||||||||||||||
| Net increase (decrease) in interest-bearing deposits |
|
(
|
|
||||||||||||||
| Net (decrease) increase in short-term borrowings |
(
|
|
|
||||||||||||||
| Proceeds from long-term debt |
|
|
|
||||||||||||||
| Repayment of long-term debt |
(
|
(
|
(
|
||||||||||||||
| Cash paid for dividends |
(
|
(
|
(
|
||||||||||||||
| Repurchase of shares in connection with stock repurchase program |
(
|
(
|
(
|
||||||||||||||
| Cash received on exercise of stock options |
|
|
|
||||||||||||||
| Net cash provided by financing activities |
|
|
|
||||||||||||||
| Net increase (decrease) in cash and cash equivalents |
|
(
|
|
||||||||||||||
| Cash and cash equivalents at beginning of year |
|
|
|
||||||||||||||
| Cash and cash equivalents at end of year | $ |
|
$ |
|
$ |
|
|||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Supplemental disclosures | |||||||||||||||||
| Cash paid for interest | $ |
|
$ |
|
$ |
|
|||||||||||
| Cash paid for income taxes | $ |
|
$ |
|
$ |
|
|||||||||||
| Noncash transactions: | |||||||||||||||||
| Transfers of loans to other real estate | $ |
|
$ |
|
$ |
|
|||||||||||
| Financed sales of other real estate owned | $ |
|
$ |
|
$ |
|
|||||||||||
| Transfers of mortgage loans held for sale to loans held for investment | $ |
|
$ |
|
$ |
|
|||||||||||
| Transfers of other loans held for sale to loans held for investment | $ |
|
$ |
|
$ |
|
|||||||||||
| Common stock issued in acquisition of businesses | $ |
|
$ |
|
$ |
|
|||||||||||
| Recognition of operating right-of-use assets | $ |
|
$ |
|
$ |
|
|||||||||||
| Recognition of operating lease liabilities | $ |
|
$ |
|
$ |
|
|||||||||||
|
December 31, 2019
(as reported) |
Impact of ASU 2016-13 Adoption |
January 1, 2020
(adjusted) |
|||||||||
| Assets: | |||||||||||
| Allowance for credit losses | $ |
(
|
$ |
(
|
$ |
(
|
|||||
| Deferred tax assets, net | $ |
|
$ |
|
$ |
|
|||||
| Remaining purchase discount on loans | $ |
(
|
$ |
|
$ |
(
|
|||||
| Liabilities: | |||||||||||
| Reserve for unfunded commitments | $ |
|
$ |
|
$ |
|
|||||
| Shareholders’ equity: | |||||||||||
| Retained earnings | $ |
|
$ |
(
|
$ |
|
|||||
|
Amortized
Cost |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Fair
Value |
||||||||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||
| U.S. Treasury securities | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Obligations of other U.S. Government agencies and corporations |
|
|
|
|
|||||||||||||||||||
| Obligations of states and political subdivisions |
|
|
(
|
|
|||||||||||||||||||
| Residential mortgage backed securities: | |||||||||||||||||||||||
| Government agency mortgage backed securities |
|
|
(
|
|
|||||||||||||||||||
| Government agency collateralized mortgage obligations |
|
|
(
|
|
|||||||||||||||||||
| Commercial mortgage backed securities: | |||||||||||||||||||||||
| Government agency mortgage backed securities |
|
|
(
|
|
|||||||||||||||||||
| Government agency collateralized mortgage obligations |
|
|
(
|
|
|||||||||||||||||||
| Trust preferred securities |
|
|
(
|
|
|||||||||||||||||||
| Other debt securities |
|
|
(
|
|
|||||||||||||||||||
| $ |
|
$ |
|
$ |
(
|
$ |
|
||||||||||||||||
|
Amortized
Cost |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Fair
Value |
||||||||||||||||||||
| December 31, 2019 | |||||||||||||||||||||||
| U.S. Treasury securities | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Obligations of other U.S. Government agencies and corporations |
|
|
(
|
|
|||||||||||||||||||
| Obligations of states and political subdivisions |
|
|
(
|
|
|||||||||||||||||||
| Residential mortgage backed securities: | |||||||||||||||||||||||
| Government agency mortgage backed securities |
|
|
(
|
|
|||||||||||||||||||
| Government agency collateralized mortgage obligations |
|
|
(
|
|
|||||||||||||||||||
| Commercial mortgage backed securities: | |||||||||||||||||||||||
| Government agency mortgage backed securities |
|
|
(
|
|
|||||||||||||||||||
| Government agency collateralized mortgage obligations |
|
|
(
|
|
|||||||||||||||||||
| Trust preferred securities |
|
|
(
|
|
|||||||||||||||||||
| Other debt securities |
|
|
(
|
|
|||||||||||||||||||
| $ |
|
$ |
|
$ |
(
|
$ |
|
||||||||||||||||
| Carrying Value | Net Proceeds | Gain/(Loss) | |||||||||||||||
| Twelve months ended December 31, 2020 | |||||||||||||||||
| Obligations of states and political subdivisions | $ |
|
$ |
|
$ |
(
|
|||||||||||
| Residential mortgage backed securities: | |||||||||||||||||
| Government agency mortgage backed securities |
|
|
|
||||||||||||||
| Government agency collateralized mortgage obligations |
|
|
(
|
||||||||||||||
| $ |
|
$ |
|
$ |
|
||||||||||||
| Carrying Value | Net Proceeds | Gain/(Loss) | |||||||||||||||
| Twelve months ended December 31, 2019 | |||||||||||||||||
| Obligations of states and political subdivisions | $ |
|
$ |
|
$ |
|
|||||||||||
| Residential mortgage backed securities: | |||||||||||||||||
| Government agency mortgage backed securities |
|
|
(
|
||||||||||||||
| Government agency collateralized mortgage obligations |
|
|
(
|
||||||||||||||
| Commercial mortgage backed securities: | |||||||||||||||||
| Government agency collateralized mortgage obligations |
|
|
(
|
||||||||||||||
| Other debt securities |
|
|
|
||||||||||||||
| Other equity securities |
|
|
|
||||||||||||||
| $ |
|
$ |
|
$ |
|
||||||||||||
| Carrying Value | Net Proceeds | Loss | |||||||||||||||
| Twelve months ended December 31, 2018 | |||||||||||||||||
| Obligations of states and political subdivisions | $ |
|
$ |
|
$ |
(
|
|||||||||||
| Residential mortgage backed securities: | |||||||||||||||||
| Government agency mortgage backed securities |
|
|
(
|
||||||||||||||
| Government agency collateralized mortgage obligations |
|
|
(
|
||||||||||||||
| $ |
|
$ |
|
$ |
(
|
||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Gross gains on sales of securities available for sale | $ |
|
$ |
|
$ |
|
|||||||||||
| Gross losses on sales of securities available for sale |
(
|
(
|
(
|
||||||||||||||
| Gain (losses) on sales of securities available for sale, net | $ |
|
$ |
|
$ |
(
|
|||||||||||
| Available for Sale | ||||||||||||||
|
Amortized
Cost |
Fair
Value |
|||||||||||||
| Due within one year | $ |
|
$ |
|
||||||||||
| Due after one year through five years |
|
|
||||||||||||
| Due after five years through ten years |
|
|
||||||||||||
| Due after ten years |
|
|
||||||||||||
| Residential mortgage backed securities: | ||||||||||||||
| Government agency mortgage backed securities |
|
|
||||||||||||
| Government agency collateralized mortgage obligations |
|
|
||||||||||||
| Commercial mortgage backed securities: | ||||||||||||||
| Government agency mortgage backed securities |
|
|
||||||||||||
| Government agency collateralized mortgage obligations |
|
|
||||||||||||
| Other debt securities |
|
|
||||||||||||
| $ |
|
$ |
|
|||||||||||
| Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
| # |
Fair
Value |
Unrealized
Losses |
# |
Fair
Value |
Unrealized
Losses |
# |
Fair
Value |
Unrealized
Losses |
|||||||||||||||||||||||||||||||||||||||||||||
| Available for Sale: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Obligations of states and political subdivisions |
|
$ |
|
$ |
(
|
|
$ |
|
$ |
|
|
$ |
|
$ |
(
|
||||||||||||||||||||||||||||||||||||||
| Residential mortgage backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Government agency mortgage backed securities |
|
|
(
|
|
|
|
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
| Government agency collateralized mortgage obligations |
|
|
(
|
|
|
|
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
| Commercial mortgage backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Government agency mortgage backed securities |
|
|
(
|
|
|
|
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
| Government agency collateralized mortgage obligations |
|
|
(
|
|
|
|
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
| Trust preferred securities |
|
|
|
|
|
(
|
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
| Other debt securities |
|
|
(
|
|
|
(
|
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
| Total |
|
$ |
|
$ |
(
|
|
$ |
|
$ |
(
|
|
$ |
|
$ |
(
|
||||||||||||||||||||||||||||||||||||||
| December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Obligations of other U.S. Government agencies and corporations |
|
$ |
|
$ |
|
|
$ |
|
$ |
(
|
|
$ |
|
$ |
(
|
||||||||||||||||||||||||||||||||||||||
| Obligations of states and political subdivisions |
|
|
(
|
|
|
|
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
| Residential mortgage backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Government agency mortgage backed securities |
|
|
(
|
|
|
(
|
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
| Government agency collateralized mortgage obligations |
|
|
(
|
|
|
|
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
| Commercial mortgage backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Government agency mortgage backed securities |
|
|
(
|
|
|
(
|
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
| Government agency collateralized mortgage obligations |
|
|
(
|
|
|
|
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
| Trust preferred securities |
|
|
|
|
|
(
|
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
| Other debt securities |
|
|
(
|
|
|
(
|
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||||
| Total |
|
$ |
|
$ |
(
|
|
$ |
|
$ |
(
|
|
$ |
|
$ |
(
|
||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | ||||||||||
| Commercial, financial, agricultural | $ |
|
$ |
|
|||||||
| Lease financing |
|
|
|||||||||
| Real estate – construction: | |||||||||||
| Residential |
|
|
|||||||||
| Commercial |
|
|
|||||||||
| Total real estate – construction |
|
|
|||||||||
| Real estate – 1-4 family mortgage: | |||||||||||
| Primary |
|
|
|||||||||
| Home equity |
|
|
|||||||||
| Rental/investment |
|
|
|||||||||
| Land development |
|
|
|||||||||
| Total real estate – 1-4 family mortgage |
|
|
|||||||||
| Real estate – commercial mortgage: | |||||||||||
| Owner-occupied |
|
|
|||||||||
| Non-owner occupied |
|
|
|||||||||
| Land development |
|
|
|||||||||
| Total real estate – commercial mortgage |
|
|
|||||||||
| Installment loans to individuals |
|
|
|||||||||
| Gross loans |
|
|
|||||||||
| Unearned income |
(
|
(
|
|||||||||
| Loans, net of unearned income | $ |
|
$ |
|
|||||||
| Accruing Loans | Nonaccruing Loans | ||||||||||||||||||||||||||||
|
30-89 Days
Past Due |
90 Days
or More Past Due |
Current
Loans |
Total
Loans |
30-89 Days
Past Due |
90 Days
or More Past Due |
Current
Loans |
Total
Loans |
Total
Loans |
|||||||||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||||||||
| Commercial, financial, agricultural | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Lease financing |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Real estate – construction: | |||||||||||||||||||||||||||||
| Residential |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Commercial |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Total real estate – construction |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Real estate – 1-4 family mortgage: | |||||||||||||||||||||||||||||
| Primary |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Home equity |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Rental/investment |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Land development |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Total real estate – 1-4 family mortgage |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Real estate – commercial mortgage: | |||||||||||||||||||||||||||||
| Owner-occupied |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-owner occupied |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Land development |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Total real estate – commercial mortgage |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Installment loans to individuals |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Unearned income | — | — |
(
|
(
|
— | — | — |
|
(
|
||||||||||||||||||||
| Loans, net of unearned income | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| December 31, 2019 | |||||||||||||||||||||||||||||
| Commercial, financial, agricultural | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Lease financing |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Real estate – construction |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Real estate – 1-4 family mortgage |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Real estate – commercial mortgage |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Installment loans to individuals |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Unearned income | — | — |
(
|
(
|
— | — | — | — |
(
|
||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
|
Number of
Loans |
Pre-Modification
Outstanding Recorded Investment |
Post-Modification
Outstanding Recorded Investment |
|||||||||||||||
| December 31, 2020 | |||||||||||||||||
| Commercial, financial, agricultural |
|
|
|
||||||||||||||
| Real estate – 1-4 family mortgage: | |||||||||||||||||
| Primary |
|
|
|
||||||||||||||
| Rental/investment |
|
|
|
||||||||||||||
| Total real estate – 1-4 family mortgage |
|
|
|
||||||||||||||
| Real estate – commercial mortgage: | |||||||||||||||||
| Owner-occupied |
|
|
|
||||||||||||||
| Non-owner occupied |
|
|
|
||||||||||||||
| Land development |
|
|
|
||||||||||||||
| Total real estate – commercial mortgage |
|
|
|
||||||||||||||
| Installment loans to individuals |
|
|
|
||||||||||||||
| Total |
|
|
|
||||||||||||||
| December 31, 2019 | |||||||||||||||||
| Commercial, financial, agricultural |
|
$ |
|
$ |
|
||||||||||||
| Real estate – 1-4 family mortgage |
|
$ |
|
$ |
|
||||||||||||
| Total |
|
$ |
|
$ |
|
||||||||||||
| December 31, 2018 | |||||||||||||||||
| Real estate – 1-4 family mortgage |
|
|
|
||||||||||||||
| Real estate – commercial mortgage |
|
|
|
||||||||||||||
| Total |
|
$ |
|
$ |
|
||||||||||||
|
Number of
Loans |
Recorded
Investment |
||||||||||
| Totals at January 1, 2019 |
|
$ |
|
||||||||
| Additional advances or loans with concessions |
|
|
|||||||||
| Reclassified as performing |
|
|
|||||||||
| Reductions due to: | |||||||||||
| Reclassified as nonperforming |
(
|
(
|
|||||||||
| Paid in full |
(
|
(
|
|||||||||
| Principal paydowns |
|
(
|
|||||||||
| Totals at December 31, 2019 |
|
$ |
|
||||||||
| Additional advances or loans with concessions |
|
|
|||||||||
| Reclassified as performing |
|
|
|||||||||
| Reductions due to: | |||||||||||
| Reclassified as nonperforming |
(
|
(
|
|||||||||
| Paid in full |
(
|
(
|
|||||||||
| Principal paydowns |
|
(
|
|||||||||
| Totals at December 31, 2020 |
|
$ |
|
||||||||
| Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Revolving Loans Converted to Term |
Total
Loans |
|||||||||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||||||||
| Commercial, Financial, Agricultural | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Pass |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Special Mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Real Estate - Construction | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Residential | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Pass |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Special Mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Commercial | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Pass |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Special Mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Real Estate - 1-4 Family Mortgage | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Primary | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Pass |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Special Mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Home Equity | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Pass |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Special Mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Rental/Investment | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Pass |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Special Mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Land Development | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Pass |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Special Mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Real Estate - Commercial Mortgage | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Owner-Occupied | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Pass |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Special Mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-Owner Occupied | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Pass |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Special Mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Revolving Loans Converted to Term |
Total
Loans |
|||||||||||||||||||||
| Land Development | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Pass |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Special Mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Installment loans to individuals | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Pass |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Special Mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Total loans subject to risk rating | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Pass |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Special Mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Revolving Loans Converted to Term |
Total
Loans |
|||||||||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||||||||
| Commercial, Financial, Agricultural | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Lease Financing Receivables | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Real Estate - Construction | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Residential | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Commercial | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Revolving Loans Converted to Term |
Total
Loans |
|||||||||||||||||||||
| Real Estate - 1-4 Family Mortgage | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Primary | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Home Equity | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Rental/Investment | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Land Development | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Real Estate - Commercial Mortgage | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Owner-Occupied | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-Owner Occupied | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Land Development | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Installment loans to individuals | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Total loans not subject to risk rating | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Pass | Watch | Substandard | Total | ||||||||||||||||||||
| December 31, 2019 | |||||||||||||||||||||||
| Commercial, financial, agricultural | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Real estate – construction |
|
|
|
|
|||||||||||||||||||
| Real estate – 1-4 family mortgage |
|
|
|
|
|||||||||||||||||||
| Real estate – commercial mortgage |
|
|
|
|
|||||||||||||||||||
| Installment loans to individuals |
|
|
|
|
|||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Performing | Non-Performing | Total | |||||||||||||||
| December 31, 2019 | |||||||||||||||||
| Commercial, financial, agricultural | $ |
|
$ |
|
$ |
|
|||||||||||
| Lease financing |
|
|
|
||||||||||||||
| Real estate – construction |
|
|
|
||||||||||||||
| Real estate – 1-4 family mortgage |
|
|
|
||||||||||||||
| Real estate – commercial mortgage |
|
|
|
||||||||||||||
| Installment loans to individuals |
|
|
|
||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
|||||||||||
| Loans at December 31, 2019 | $ |
|
|||
| New loans and advances |
|
||||
| Payments received |
(
|
||||
| Changes in related parties |
|
||||
| Loans at December 31, 2020 | $ |
|
|||
| As of December 31, 2019 | Year Ended December 31, 2019 | ||||||||||||||||||||||||||||
|
Recorded
Investment |
Unpaid
Principal Balance |
Related
Allowance |
Average
Recorded Investment |
Interest
Income Recognized |
|||||||||||||||||||||||||
| With a related allowance recorded: | |||||||||||||||||||||||||||||
| Commercial, financial, agricultural | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| Lease financing |
|
|
|
|
|
||||||||||||||||||||||||
| Real estate – construction |
|
|
|
|
|
||||||||||||||||||||||||
| Real estate – 1-4 family mortgage |
|
|
|
|
|
||||||||||||||||||||||||
| Real estate – commercial mortgage |
|
|
|
|
|
||||||||||||||||||||||||
| Installment loans to individuals |
|
|
|
|
|
||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| With no related allowance recorded: | |||||||||||||||||||||||||||||
| Commercial, financial, agricultural | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| Lease financing |
|
|
|
|
|
||||||||||||||||||||||||
| Real estate – construction |
|
|
|
|
|
||||||||||||||||||||||||
| Real estate – 1-4 family mortgage |
|
|
|
|
|
||||||||||||||||||||||||
| Real estate – commercial mortgage |
|
|
|
|
|
||||||||||||||||||||||||
| Installment loans to individuals |
|
|
|
|
|
||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| Totals | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| 2020 | 2019 | ||||||||||
| Commercial, financial, agricultural | $ |
|
$ |
|
|||||||
| Real estate – construction: | |||||||||||
| Residential |
|
|
|||||||||
| Commercial |
|
|
|||||||||
| Total real estate – construction |
|
|
|||||||||
| Real estate – 1-4 family mortgage: | |||||||||||
| Primary |
|
|
|||||||||
| Home equity |
|
|
|||||||||
| Rental/investment |
|
|
|||||||||
| Land development |
|
|
|||||||||
| Total real estate – 1-4 family mortgage |
|
|
|||||||||
| Real estate – commercial mortgage: | |||||||||||
| Owner-occupied |
|
|
|||||||||
| Non-owner occupied |
|
|
|||||||||
| Land development |
|
|
|||||||||
| Total real estate – commercial mortgage |
|
|
|||||||||
| Installment loans to individuals |
|
|
|||||||||
| Loans | $ |
|
$ |
|
|||||||
| Accruing Loans | Nonaccruing Loans | ||||||||||||||||||||||||||||
|
30-89 Days
Past Due |
90 Days
or More Past Due |
Current
Loans |
Total
Loans |
30-89 Days
Past Due |
90 Days
or More Past Due |
Current
Loans |
Total
Loans |
Total
Loans |
|||||||||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||||||||
| Commercial, financial, agricultural | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Real estate – construction: | |||||||||||||||||||||||||||||
| Residential |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Commercial |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Total real estate – construction |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Real estate – 1-4 family mortgage: | |||||||||||||||||||||||||||||
| Primary |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Home equity |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Rental/investment |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Land development |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Total real estate – 1-4 family mortgage |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Real estate – commercial mortgage: | |||||||||||||||||||||||||||||
| Owner-occupied |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-owner occupied |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Land development |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Total real estate – commercial mortgage |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Installment loans to individuals |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Loans, net of unearned income | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| December 31, 2019 | |||||||||||||||||||||||||||||
| Commercial, financial, agricultural | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Real estate – construction |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Real estate – 1-4 family mortgage |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Real estate – commercial mortgage |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Installment loans to individuals |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
|
Number of
Loans |
Pre-Modification
Outstanding Recorded Investment |
Post-Modification
Outstanding Recorded Investment |
|||||||||||||||
| December 31, 2020 | |||||||||||||||||
| Commercial, financial, agricultural |
|
$ |
|
$ |
|
||||||||||||
| Real estate – 1-4 family mortgage: | |||||||||||||||||
| Primary |
|
|
|
||||||||||||||
| Home equity |
|
|
|
||||||||||||||
| Total real estate – 1-4 family mortgage |
|
|
|
||||||||||||||
| Real estate – commercial mortgage: | |||||||||||||||||
| Owner-occupied |
|
|
|
||||||||||||||
| Non-owner occupied |
|
|
|
||||||||||||||
| Total real estate – commercial mortgage |
|
|
|
||||||||||||||
| Installment loans to individuals |
|
|
|
||||||||||||||
| Total |
|
$ |
|
$ |
|
||||||||||||
| December 31, 2019 | |||||||||||||||||
| Commercial, financial, agricultural |
|
$ |
|
$ |
|
||||||||||||
| Real estate – 1-4 family mortgage |
|
|
|
||||||||||||||
| Real estate – commercial mortgage |
|
|
|
||||||||||||||
| Total |
|
$ |
|
$ |
|
||||||||||||
| December 31, 2018 | |||||||||||||||||
| Commercial, financial, agricultural |
|
$ |
|
$ |
|
||||||||||||
| Real estate – 1-4 family mortgage |
|
|
|
||||||||||||||
| Real estate – commercial mortgage |
|
|
|
||||||||||||||
| Total |
|
$ |
|
$ |
|
||||||||||||
|
Number of
Loans |
Recorded
Investment |
||||||||||
| Totals at January 1, 2019 |
|
$ |
|
||||||||
| Additional advances or loans with concessions |
|
|
|||||||||
| Reclassified as performing |
|
|
|||||||||
| Reductions due to: | |||||||||||
| Reclassified as nonperforming |
(
|
(
|
|||||||||
| Paid in full |
(
|
(
|
|||||||||
| Charge-offs |
(
|
(
|
|||||||||
| Principal paydowns |
|
(
|
|||||||||
| Measurement period adjustment on recently acquired loans |
|
(
|
|||||||||
| Totals at December 31, 2019 |
|
$ |
|
||||||||
| Additional advances or loans with concessions |
|
|
|||||||||
| Reclassified as performing |
|
|
|||||||||
| Reductions due to: | |||||||||||
| Reclassified as nonperforming |
(
|
(
|
|||||||||
| Paid in full |
(
|
(
|
|||||||||
| Charge-offs |
(
|
(
|
|||||||||
| Principal paydowns |
|
(
|
|||||||||
| Totals at December 31, 2020 |
|
$ |
|
||||||||
| Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Revolving Loans Converted to Term |
Total
Loans |
|||||||||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||||||||
| Commercial, Financial, Agricultural | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Pass |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Special Mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Real Estate - Construction | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Residential | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Pass |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Special Mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Revolving Loans Converted to Term |
Total
Loans |
|||||||||||||||||||||
| Commercial | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Pass |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Special Mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Real Estate - 1-4 Family Mortgage | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Primary | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Pass |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Special Mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Home Equity | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Pass |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Special Mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Rental/Investment | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Pass |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Special Mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Land Development | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Pass |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Special Mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Real Estate - Commercial Mortgage | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Owner-Occupied | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Pass |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Special Mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-Owner Occupied | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Pass |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Special Mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Land Development | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Pass |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Special Mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Installment loans to individuals | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Pass |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Special Mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Total loans subject to risk rating | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Pass |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Special Mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Revolving Loans Converted to Term |
Total
Loans |
|||||||||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||||||||
| Commercial, Financial, Agricultural | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Real Estate - Construction | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Residential | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Commercial | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Real Estate - 1-4 Family Mortgage | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Primary | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Home Equity | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Rental/Investment | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Land Development | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Real Estate - Commercial Mortgage | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Owner-Occupied | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-Owner Occupied | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Land Development | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Installment loans to individuals | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Total loans not subject to risk rating | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Non-Performing Loans |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Pass | Watch | Substandard | Total | ||||||||||||||||||||
| December 31, 2019 | |||||||||||||||||||||||
| Commercial, financial, agricultural | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Real estate – construction |
|
|
|
|
|||||||||||||||||||
| Real estate – 1-4 family mortgage |
|
|
|
|
|||||||||||||||||||
| Real estate – commercial mortgage |
|
|
|
|
|||||||||||||||||||
| Installment loans to individuals |
|
|
|
|
|||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Performing | Non-Performing | Total | |||||||||||||||
| December 31, 2019 | |||||||||||||||||
| Commercial, financial, agricultural | $ |
|
$ |
|
$ |
|
|||||||||||
| Real estate – construction |
|
|
|
||||||||||||||
| Real estate – 1-4 family mortgage |
|
|
|
||||||||||||||
| Real estate – commercial mortgage |
|
|
|
||||||||||||||
| Installment loans to individuals |
|
|
|
||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
|||||||||||
| As of December 31, 2019 | Year Ended December 31, 2019 | ||||||||||||||||||||||||||||
|
Recorded
Investment |
Unpaid
Principal Balance |
Related
Allowance |
Average
Recorded Investment |
Interest
Income Recognized |
|||||||||||||||||||||||||
| With a related allowance recorded: | |||||||||||||||||||||||||||||
| Commercial, financial, agricultural | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| Real estate – construction |
|
|
|
|
|
||||||||||||||||||||||||
| Real estate – 1-4 family mortgage |
|
|
|
|
|
||||||||||||||||||||||||
| Real estate – commercial mortgage |
|
|
|
|
|
||||||||||||||||||||||||
| Installment loans to individuals |
|
|
|
|
|
||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| With no related allowance recorded: | |||||||||||||||||||||||||||||
| Commercial, financial, agricultural | $ |
|
$ |
|
$ | — | $ |
|
$ |
|
|||||||||||||||||||
| Real estate – construction |
|
|
— |
|
|
||||||||||||||||||||||||
| Real estate – 1-4 family mortgage |
|
|
— |
|
|
||||||||||||||||||||||||
| Real estate – commercial mortgage |
|
|
— |
|
|
||||||||||||||||||||||||
| Installment loans to individuals |
|
|
— |
|
|
||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ | — | $ |
|
$ |
|
|||||||||||||||||||
| Totals | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| As of December 31, 2019 | Year Ended December 31, 2019 | ||||||||||||||||||||||||||||
|
Recorded
Investment |
Unpaid
Principal Balance |
Related
Allowance |
Average
Recorded Investment |
Interest
Income Recognized |
|||||||||||||||||||||||||
| With a related allowance recorded: | |||||||||||||||||||||||||||||
| Commercial, financial, agricultural | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| Real estate – construction |
|
|
|
|
|
||||||||||||||||||||||||
| Real estate – 1-4 family mortgage |
|
|
|
|
|
||||||||||||||||||||||||
| Real estate – commercial mortgage |
|
|
|
|
|
||||||||||||||||||||||||
| Installment loans to individuals |
|
|
|
|
|
||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| With no related allowance recorded: | |||||||||||||||||||||||||||||
| Commercial, financial, agricultural | $ |
|
$ |
|
$ | — | $ |
|
$ |
|
|||||||||||||||||||
| Real estate – construction |
|
|
— |
|
|
||||||||||||||||||||||||
| Real estate – 1-4 family mortgage |
|
|
— |
|
|
||||||||||||||||||||||||
| Real estate – commercial mortgage |
|
|
— |
|
|
||||||||||||||||||||||||
| Installment loans to individuals |
|
|
— |
|
|
||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ | — | $ |
|
$ |
|
|||||||||||||||||||
| Totals | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| Total Purchased Credit Deteriorated Loans | |||||
| December 31, 2019 | |||||
| Commercial, financial, agricultural | $ |
|
|||
| Real estate – construction |
|
||||
| Real estate – 1-4 family mortgage |
|
||||
| Real estate – commercial mortgage |
|
||||
| Installment loans to individuals |
|
||||
| Total | $ |
|
|||
| Total Purchased Credit Deteriorated Loans | |||||
| December 31, 2019 | |||||
| Contractually-required principal and interest | $ |
|
|||
|
Nonaccretable difference
(1)
|
(
|
||||
| Cash flows expected to be collected |
|
||||
|
Accretable yield
(2)
|
(
|
||||
| Fair value | $ |
|
|||
| 2020 | 2019 | ||||||||||
| Commercial, financial, agricultural | $ |
|
$ |
|
|||||||
| Lease financing |
|
|
|||||||||
| Real estate – construction: | |||||||||||
| Residential |
|
|
|||||||||
| Commercial |
|
|
|||||||||
| Total real estate – construction |
|
|
|||||||||
| Real estate – 1-4 family mortgage: | |||||||||||
| Primary |
|
|
|||||||||
| Home equity |
|
|
|||||||||
| Rental/investment |
|
|
|||||||||
| Land development |
|
|
|||||||||
| Total real estate – 1-4 family mortgage |
|
|
|||||||||
| Real estate – commercial mortgage: | |||||||||||
| Owner-occupied |
|
|
|||||||||
| Non-owner occupied |
|
|
|||||||||
| Land development |
|
|
|||||||||
| Total real estate – commercial mortgage |
|
|
|||||||||
| Installment loans to individuals |
|
|
|||||||||
| Gross loans |
|
|
|||||||||
| Unearned income |
(
|
(
|
|||||||||
| Loans, net of unearned income |
|
|
|||||||||
| Allowance for credit losses on loans |
(
|
(
|
|||||||||
| Net loans | $ |
|
$ |
|
|||||||
| Commercial |
Real Estate -
Construction |
Real Estate -
1-4 Family Mortgage |
Real Estate -
Commercial Mortgage |
Lease Financing | Installment Loans to Individuals | Total | |||||||||||||||||||||||||||||||||||
| Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
| Allowance for credit losses on loans: | |||||||||||||||||||||||||||||||||||||||||
| Beginning balance | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Charge-offs |
(
|
(
|
(
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||
| Recoveries |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Net charge-offs |
(
|
(
|
(
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||
| Provision for credit losses on loans |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Ending balance | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Period-End Amount Allocated to: | |||||||||||||||||||||||||||||||||||||||||
| Individually evaluated | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Collectively evaluated |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Ending balance | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Loans: | |||||||||||||||||||||||||||||||||||||||||
| Individually evaluated | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Collectively evaluated |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Ending balance | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Nonaccruing loans with no allowance for credit losses | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Commercial |
Real Estate -
Construction |
Real Estate -
1-4 Family Mortgage |
Real Estate -
Commercial Mortgage |
Installment
and Other
(1)
|
Total | ||||||||||||||||||||||||||||||
| Year Ended December 31, 2019 | |||||||||||||||||||||||||||||||||||
| Allowance for loan losses: | |||||||||||||||||||||||||||||||||||
| Beginning balance | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Charge-offs |
(
|
|
(
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||
| Recoveries |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Net charge-offs |
(
|
|
(
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||
| Provision for loan losses |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Ending balance | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Period-End Amount Allocated to: | |||||||||||||||||||||||||||||||||||
| Individually evaluated for impairment | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Collectively evaluated for impairment |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Purchased with deteriorated credit quality |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Ending balance | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Year Ended December 31, 2018 | |||||||||||||||||||||||||||||||||||
| Allowance for loan losses: | |||||||||||||||||||||||||||||||||||
| Beginning balance | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Charge-offs |
(
|
(
|
(
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||
| Recoveries |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Net charge-offs |
(
|
(
|
(
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||
| Provision for loan losses |
|
|
(
|
|
|
|
|||||||||||||||||||||||||||||
| Ending balance | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Period-End Amount Allocated to: | |||||||||||||||||||||||||||||||||||
| Individually evaluated for impairment | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Collectively evaluated for impairment |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Purchased with deteriorated credit quality |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Ending balance | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Commercial |
Real Estate -
Construction |
Real Estate -
1-4 Family Mortgage |
Real Estate -
Commercial Mortgage |
Installment
and Other
(1)
|
Total | ||||||||||||||||||||||||||||||
| December 31, 2019 | |||||||||||||||||||||||||||||||||||
| Individually evaluated for impairment | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Collectively evaluated for impairment |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Acquired with deteriorated credit quality |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Ending balance | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Year Ended December 31, 2020 | |||||
| Allowance for credit losses on unfunded loan commitments: | |||||
| Beginning balance | $ |
|
|||
|
Impact of the adoption of
|
|
||||
| Provision for credit losses on unfunded loan commitments (included in other noninterest expense) |
|
||||
| Ending balance | $ |
|
|||
| 2020 | 2019 | ||||||||||
| Premises | $ |
|
$ |
|
|||||||
| Leasehold improvements |
|
|
|||||||||
| Furniture and equipment |
|
|
|||||||||
| Computer equipment |
|
|
|||||||||
| Autos |
|
|
|||||||||
| Lease right-of-use assets |
|
|
|||||||||
| Total |
|
|
|||||||||
| Accumulated depreciation |
(
|
(
|
|||||||||
| Net | $ |
|
$ |
|
|||||||
| Purchased OREO | Non Purchased OREO |
Total
OREO |
|||||||||||||||
| December 31, 2020 | |||||||||||||||||
| Residential real estate | $ |
|
$ |
|
$ |
|
|||||||||||
| Commercial real estate |
|
|
|
||||||||||||||
| Residential land development |
|
|
|
||||||||||||||
| Commercial land development |
|
|
|
||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
|||||||||||
| December 31, 2019 | |||||||||||||||||
| Residential real estate | $ |
|
$ |
|
$ |
|
|||||||||||
| Commercial real estate |
|
|
|
||||||||||||||
| Residential land development |
|
|
|
||||||||||||||
| Commercial land development |
|
|
|
||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
|||||||||||
| Purchased OREO | Non Purchased OREO |
Total
OREO |
|||||||||||||||
| Balance at December 31, 2018 | $ |
|
$ |
|
$ |
|
|||||||||||
| Transfers of loans |
|
|
|
||||||||||||||
| Impairments |
(
|
(
|
(
|
||||||||||||||
| Dispositions |
(
|
(
|
(
|
||||||||||||||
| Other |
(
|
|
(
|
||||||||||||||
| Balance at December 31, 2019 | $ |
|
$ |
|
$ |
|
|||||||||||
| Transfers of loans |
|
|
|
||||||||||||||
| Impairments |
(
|
(
|
(
|
||||||||||||||
| Dispositions |
(
|
(
|
(
|
||||||||||||||
| Other |
(
|
|
(
|
||||||||||||||
| Balance at December 31, 2020 | $ |
|
$ |
|
$ |
|
|||||||||||
| December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Repairs and maintenance | $ |
|
$ |
|
$ |
|
|||||||||||
| Property taxes and insurance |
|
|
|
||||||||||||||
| Impairments |
|
|
|
||||||||||||||
| Net (gains) losses on OREO sales |
(
|
|
(
|
||||||||||||||
| Rental income |
(
|
(
|
(
|
||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
|||||||||||
| Community Banks | Insurance | Total | |||||||||||||||
| Balance at December 31, 2018 | $ |
|
$ |
|
$ |
|
|||||||||||
| Measurement period adjustments to goodwill from Brand acquisition |
|
|
|
||||||||||||||
| Balance at December 31, 2019 | $ |
|
$ |
|
$ |
|
|||||||||||
| Additions to goodwill and other adjustments |
|
|
|
||||||||||||||
| Balance at December 31, 2020 | $ |
|
$ |
|
$ |
|
|||||||||||
|
Gross Carrying
Amount |
Accumulated
Amortization |
Net Carrying
Amount |
|||||||||||||||
| December 31, 2020 | |||||||||||||||||
| Core deposit intangible | $ |
|
$ |
(
|
$ |
|
|||||||||||
| Customer relationship intangible |
|
(
|
|
||||||||||||||
| Total finite-lived intangible assets | $ |
|
$ |
(
|
$ |
|
|||||||||||
| December 31, 2019 | |||||||||||||||||
| Core deposit intangible | $ |
|
$ |
(
|
$ |
|
|||||||||||
| Customer relationship intangible |
|
(
|
|
||||||||||||||
| Total finite-lived intangible assets | $ |
|
$ |
(
|
$ |
|
|||||||||||
| Core Deposit Intangible | Customer Relationship Intangible | Total | |||||||||||||||
| 2021 | $ |
|
$ |
|
$ |
|
|||||||||||
| 2022 |
|
|
|
||||||||||||||
| 2023 |
|
|
|
||||||||||||||
| 2024 |
|
|
|
||||||||||||||
| 2025 |
|
|
|
||||||||||||||
| Carrying Value at January 1, 2019 | $ |
|
|||
| Capitalization |
|
||||
| Amortization |
(
|
||||
| Valuation adjustment |
(
|
||||
| Carrying Value at December 31, 2019 | $ |
|
|||
| Capitalization |
|
||||
| Amortization |
(
|
||||
| Valuation adjustment |
(
|
||||
| Carrying Value at December 31, 2020 | $ |
|
|||
| 2020 | 2019 | 2018 | |||||||||||||||
| Unpaid principal balance | $ |
|
$ |
|
$ |
|
|||||||||||
| Weighted-average prepayment speed (CPR) |
|
% |
|
% |
|
% | |||||||||||
| Estimated impact of a 10% increase | $ |
(
|
$ |
(
|
$ |
(
|
|||||||||||
| Estimated impact of a 20% increase |
(
|
(
|
(
|
||||||||||||||
| Discount rate |
|
% |
|
% |
|
% | |||||||||||
| Estimated impact of a 100bp increase | $ |
(
|
$ |
(
|
$ |
(
|
|||||||||||
| Estimated impact of a 200bp increase |
(
|
(
|
(
|
||||||||||||||
| Weighted-average coupon interest rate |
|
% |
|
% |
|
% | |||||||||||
| Weighted-average servicing fee (basis points) |
|
|
|
||||||||||||||
| Weighted-average remaining maturity (in years) |
|
|
|
||||||||||||||
| 2020 | 2019 | ||||||||||
| Noninterest-bearing deposits | $ |
|
$ |
|
|||||||
| Interest-bearing demand deposits |
|
|
|||||||||
| Savings deposits |
|
|
|||||||||
| Time deposits |
|
|
|||||||||
| Total deposits | $ |
|
$ |
|
|||||||
| 2021 | $ |
|
|||
| 2022 |
|
||||
| 2023 |
|
||||
| 2024 |
|
||||
| 2025 |
|
||||
| Thereafter |
|
||||
| Total | $ |
|
|||
| 2020 | 2019 | ||||||||||
| Securities sold under agreements to repurchase | $ |
|
$ |
|
|||||||
| Federal funds purchased |
|
|
|||||||||
| Federal Home Loan Bank short-term advances |
|
|
|||||||||
| Total short-term borrowings | $ |
|
$ |
|
|||||||
| Average Balances | Cost of Funds | ||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||
| Federal Home Loan Bank short-term advances | $ |
|
$ |
|
$ |
|
|
% |
|
% |
|
% | |||||||||||||||||||||||
| Federal funds purchased |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Securities sold under agreements to repurchase |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Total short-term borrowings | $ |
|
$ |
|
$ |
|
|
% |
|
% |
|
% | |||||||||||||||||||||||
| 2020 | 2019 | ||||||||||
| Federal Home Loan Bank advances | $ |
|
$ |
|
|||||||
| Junior subordinated debentures |
|
|
|||||||||
| Subordinated notes |
|
|
|||||||||
| Total long-term debt | $ |
|
$ |
|
|||||||
|
Principal
Amount |
Interest Rate |
Year of
Maturity |
Amount
Included in Tier 1 Capital |
||||||||||||||||||||
| PHC Statutory Trust I | $ |
|
|
% | 2033 | $ |
|
||||||||||||||||
| PHC Statutory Trust II |
|
|
2035 |
|
|||||||||||||||||||
| Capital Bancorp Capital Trust I |
|
|
2035 |
|
|||||||||||||||||||
| First M&F Statutory Trust I |
|
|
2036 |
|
|||||||||||||||||||
| Brand Group Holdings Statutory Trust I |
|
|
2035 |
|
|||||||||||||||||||
| Brand Group Holdings Statutory Trust II |
|
|
2037 |
|
|||||||||||||||||||
| Brand Group Holdings Statutory Trust III |
|
|
2038 |
|
|||||||||||||||||||
| Brand Group Holdings Statutory Trust IV |
|
|
2038 |
|
|||||||||||||||||||
| 2021 | $ |
|
|||
| 2022 |
|
||||
| 2023 |
|
||||
| 2024 |
|
||||
| 2025 |
|
||||
| Thereafter |
|
||||
| Total | $ |
|
|||
| Pension Benefits Renasant | Other Benefits | ||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
| Change in benefit obligation | |||||||||||||||||||||||
| Benefit obligation at beginning of year | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Service cost |
|
|
|
|
|||||||||||||||||||
| Interest cost |
|
|
|
|
|||||||||||||||||||
| Plan participants’ contributions |
|
|
|
|
|||||||||||||||||||
|
Amendments
(1)
|
|
|
|
|
|||||||||||||||||||
| Actuarial loss (gain) |
|
|
|
(
|
|||||||||||||||||||
|
Benefits paid
(1)
|
(
|
(
|
(
|
(
|
|||||||||||||||||||
| Benefit obligation at end of year | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Change in fair value of plan assets | |||||||||||||||||||||||
| Fair value of plan assets at beginning of year | $ |
|
$ |
|
|||||||||||||||||||
| Actual return on plan assets |
|
|
|||||||||||||||||||||
| Contribution by employer |
|
|
|||||||||||||||||||||
| Benefits paid |
(
|
(
|
|||||||||||||||||||||
| Fair value of plan assets at end of year | $ |
|
$ |
|
|||||||||||||||||||
| Funded status at end of year | $ |
|
$ |
|
$ |
(
|
$ |
(
|
|||||||||||||||
| Weighted-average assumptions as of December 31 | |||||||||||||||||||||||
| Discount rate used to determine the benefit obligation |
|
% |
|
% |
|
% |
|
% | |||||||||||||||
| Pension Benefits Renasant | Other Benefits | ||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||
| Service cost | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Interest cost |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Expected return on plan assets |
(
|
(
|
(
|
|
|
|
|||||||||||||||||||||||||||||
|
Prior service cost recognized
(1)
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Recognized actuarial loss (gain) |
|
|
|
(
|
(
|
|
|||||||||||||||||||||||||||||
|
Settlement/curtailment/termination losses
(1)
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Net periodic benefit cost |
|
|
(
|
|
|
|
|||||||||||||||||||||||||||||
| Net actuarial (gain) loss arising during the period |
(
|
(
|
(
|
|
(
|
(
|
|||||||||||||||||||||||||||||
|
Net Settlement/curtailment/termination losses
(1)
|
(
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
New prior service cost
(1)
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Amortization of net actuarial (loss) gain recognized in net periodic pension cost |
(
|
(
|
(
|
|
|
|
|||||||||||||||||||||||||||||
|
Amortization of prior service cost
(1)
|
|
|
|
(
|
|
|
|||||||||||||||||||||||||||||
| Total recognized in other comprehensive income |
(
|
(
|
(
|
|
(
|
(
|
|||||||||||||||||||||||||||||
| Total recognized in net periodic benefit cost and other comprehensive income | $ |
(
|
$ |
(
|
$ |
(
|
$ |
|
$ |
(
|
$ |
(
|
|||||||||||||||||||||||
| Weighted-average assumptions as of December 31 | |||||||||||||||||||||||||||||||||||
| Discount rate used to determine net periodic pension cost |
|
% |
|
% |
|
% |
|
% |
|
% |
|
% | |||||||||||||||||||||||
| Expected return on plan assets |
|
% |
|
% |
|
% | N/A | N/A | N/A | ||||||||||||||||||||||||||
| Pension Benefits Renasant |
Other
Benefits |
||||||||||
| 2021 | $ |
|
$ |
|
|||||||
| 2022 |
|
|
|||||||||
| 2023 |
|
|
|||||||||
| 2024 |
|
|
|||||||||
| 2025 |
|
|
|||||||||
| 2026 - 2030 |
|
|
|||||||||
| Pension Benefits Renasant |
Other
Benefits |
||||||||||
| Prior service cost | $ |
|
$ |
|
|||||||
| Actuarial loss (gain) |
|
(
|
|||||||||
| Total | $ |
|
$ |
(
|
|||||||
| Pension Benefits Renasant |
Other
Benefits |
||||||||||
| Prior service cost | $ |
|
$ |
|
|||||||
| Actuarial loss (gain) |
|
|
|||||||||
| Total | $ |
|
$ |
|
|||||||
|
Quoted Prices In
Active Markets for Identical Assets (Level 1) |
Significant
Other Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
Measured at NAV | Totals | |||||||||||||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||||||||
| Cash and cash equivalents | $ |
|
$ |
|
$ |
|
$ | — | $ |
|
|||||||||||||||||||
| Investments in collective trusts | — | — | — |
|
|
||||||||||||||||||||||||
| $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||
|
Quoted Prices In
Active Markets for Identical Assets (Level 1) |
Significant
Other Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
Measured at NAV | Totals | |||||||||||||||||||||||||
| December 31, 2019 | |||||||||||||||||||||||||||||
| Cash and cash equivalents | $ |
|
$ |
|
$ |
|
$ | — | $ |
|
|||||||||||||||||||
| Investments in collective trusts | — | — | — |
|
|
||||||||||||||||||||||||
| $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||
| Shares |
Weighted
Average Exercise Price |
Weighted
Average Remaining Contractual Life |
Aggregate
Intrinsic Value |
||||||||||||||||||||
| Outstanding at January 1, 2018 |
|
$ |
|
||||||||||||||||||||
| Granted |
|
|
|||||||||||||||||||||
| Exercised |
(
|
|
|||||||||||||||||||||
| Forfeited |
(
|
|
|||||||||||||||||||||
| Outstanding at December 31, 2018 |
|
$ |
|
|
$ |
|
|||||||||||||||||
| Exercisable at December 31, 2018 |
|
$ |
|
|
$ |
|
|||||||||||||||||
| Granted |
|
|
|||||||||||||||||||||
| Exercised |
(
|
|
|||||||||||||||||||||
| Forfeited |
|
|
|||||||||||||||||||||
| Outstanding at December 31, 2019 |
|
$ |
|
|
$ |
|
|||||||||||||||||
| Exercisable at December 31, 2019 |
|
$ |
|
|
$ |
|
|||||||||||||||||
| Granted |
|
|
|||||||||||||||||||||
| Exercised |
(
|
|
|||||||||||||||||||||
| Forfeited |
|
|
|||||||||||||||||||||
| Outstanding at December 31, 2020 |
|
$ |
|
|
$ |
|
|||||||||||||||||
| Exercisable at December 31, 2020 |
|
$ |
|
|
$ |
|
|||||||||||||||||
|
Performance-
Based Restricted Stock |
Weighted
Average Grant-Date Fair Value |
Time-
Based Restricted Stock |
Weighted
Average Grant-Date Fair Value |
||||||||||||||||||||
| Not vested at beginning of year |
|
$ |
|
|
$ |
|
|||||||||||||||||
| Awarded |
|
|
|
|
|||||||||||||||||||
| Vested |
(
|
|
(
|
|
|||||||||||||||||||
| Forfeited and cancelled |
(
|
|
(
|
|
|||||||||||||||||||
| Not vested at end of year |
|
$ |
|
|
$ |
|
|||||||||||||||||
| Balance Sheet | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||
| Location | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||||||||||||||
| Derivative assets: | |||||||||||||||||||||||||||||
| Interest rate contracts | Other Assets | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||
| Interest rate lock commitments | Other Assets |
|
|
|
|
||||||||||||||||||||||||
| Forward commitments | Other Assets |
|
|
|
|
||||||||||||||||||||||||
| Totals | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||
| Derivative liabilities: | |||||||||||||||||||||||||||||
| Interest rate contracts | Other Liabilities | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||
| Interest rate lock commitments | Other Liabilities |
|
|
|
|
||||||||||||||||||||||||
| Forward commitments | Other Liabilities |
|
|
|
|
||||||||||||||||||||||||
| Totals | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Interest rate contracts: | |||||||||||||||||
| Included in interest income on loans | $ |
|
$ |
|
$ |
|
|||||||||||
| Interest rate lock commitments: | |||||||||||||||||
| Included in mortgage banking income |
|
|
|
||||||||||||||
| Forward commitments | |||||||||||||||||
| Included in mortgage banking income |
(
|
|
(
|
||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
|||||||||||
| Balance Sheet | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||
| Location | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||||||||||||||
| Derivative assets: | |||||||||||||||||||||||||||||
| Interest rate swaps | Other Assets | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||
| Derivative liabilities: | |||||||||||||||||||||||||||||
| Interest rate swaps | Other Liabilities | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||
| Balance Sheet | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||
| Location | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||||||||||||||
| Derivative liabilities: | |||||||||||||||||||||||||||||
| Interest rate swaps | Other Liabilities | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||
| Amount of Gain (Loss Recognized in Income) | |||||||||||||||||||||||
| Income Statement | Year ended December 31, | ||||||||||||||||||||||
| Location | 2020 | 2019 | 2018 | ||||||||||||||||||||
| Derivative liabilities: | |||||||||||||||||||||||
| Interest rate swaps - subordinated notes | Interest Expense | $ |
(
|
$ |
|
$ |
|
||||||||||||||||
| Derivative liabilities - hedged items: | |||||||||||||||||||||||
| Interest rate swaps - subordinated notes | Interest Expense | $ |
|
$ |
|
$ |
|
||||||||||||||||
| Carrying Amount of the Hedged Liability | Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Liability | |||||||||||||||||||||||||
| Balance Sheet Location | December 31, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
| Long-term debt | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
| Offsetting Derivative Assets | Offsetting Derivative Liabilities | ||||||||||||||||||||||
|
December 31,
2020 |
December 31,
2019 |
December 31,
2020 |
December 31,
2019 |
||||||||||||||||||||
| Gross amounts recognized | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Gross amounts offset in the consolidated balance sheets |
|
|
|
|
|||||||||||||||||||
| Net amounts presented in the consolidated balance sheets |
|
|
|
|
|||||||||||||||||||
| Gross amounts not offset in the consolidated balance sheets | |||||||||||||||||||||||
| Financial instruments |
|
|
|
|
|||||||||||||||||||
| Financial collateral pledged |
|
|
|
|
|||||||||||||||||||
| Net amounts | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Current | |||||||||||||||||
| Federal | $ |
|
$ |
|
$ |
|
|||||||||||
| State |
|
|
|
||||||||||||||
|
|
|
|
|||||||||||||||
| Deferred | |||||||||||||||||
| Federal |
(
|
|
|
||||||||||||||
| State |
(
|
|
|
||||||||||||||
|
(
|
|
|
|||||||||||||||
| $ |
|
$ |
|
$ |
|
||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Tax at U.S. statutory rate | $ |
|
$ |
|
$ |
|
|||||||||||
| Increase (decrease) in taxes resulting from: | |||||||||||||||||
| Tax-exempt interest income |
(
|
(
|
(
|
||||||||||||||
| BOLI income |
(
|
(
|
(
|
||||||||||||||
| Investment tax credits |
(
|
(
|
(
|
||||||||||||||
| Amortization of investment in low-income housing tax credits |
|
|
|
||||||||||||||
| State income tax expense, net of federal benefit |
|
|
|
||||||||||||||
| Other items, net |
|
|
|
||||||||||||||
| $ |
|
$ |
|
$ |
|
||||||||||||
| December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Deferred tax assets | |||||||||||
| Allowance for credit losses | $ |
|
$ |
|
|||||||
| Loans |
|
|
|||||||||
| Deferred compensation |
|
|
|||||||||
| Impairment of assets |
|
|
|||||||||
| Net operating loss carryforwards |
|
|
|||||||||
| Lease liabilities under operating leases |
|
|
|||||||||
| Other |
|
|
|||||||||
| Total deferred tax assets |
|
|
|||||||||
| Deferred tax liabilities | |||||||||||
| Net unrealized gains on securities |
|
|
|||||||||
| Investment in partnerships |
|
|
|||||||||
| Fixed assets |
|
|
|||||||||
| Mortgage servicing rights |
|
|
|||||||||
| Junior subordinated debt |
|
|
|||||||||
| Intangibles |
|
|
|||||||||
| Lease right-of-use asset |
|
|
|||||||||
| Other |
|
|
|||||||||
| Total deferred tax liabilities |
|
|
|||||||||
| Net deferred tax assets | $ |
|
$ |
|
|||||||
| December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Net Operating Losses | |||||||||||
| Federal | $ |
|
$ |
|
|||||||
| State |
|
|
|||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Balance at January 1 | $ |
|
$ |
|
$ |
|
|||||||||||
| Additions based on positions related to current period |
|
|
|
||||||||||||||
| Reductions based on positions related to prior period |
(
|
(
|
|
||||||||||||||
| Reductions due to lapse of statute of limitations |
(
|
|
|
||||||||||||||
| Balance at December 31 | $ |
|
$ |
|
$ |
|
|||||||||||
| Level 1 | Level 2 | Level 3 | Totals | ||||||||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||
| Financial assets: | |||||||||||||||||||||||
| Securities available for sale: | |||||||||||||||||||||||
| Trust preferred securities | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Other available for sale securities |
|
|
|
|
|||||||||||||||||||
| Total securities available for sale |
|
|
|
|
|||||||||||||||||||
| Derivative instruments |
|
|
|
|
|||||||||||||||||||
| Mortgage loans held for sale in loans held for sale |
|
|
|
|
|||||||||||||||||||
| Total financial assets | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Financial liabilities: | |||||||||||||||||||||||
| Derivative instruments | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Level 1 | Level 2 | Level 3 | Totals | ||||||||||||||||||||
| December 31, 2019 | |||||||||||||||||||||||
| Financial assets: | |||||||||||||||||||||||
| Securities available for sale: | |||||||||||||||||||||||
| Trust preferred securities | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Other available for sale securities |
|
|
|
|
|||||||||||||||||||
| Total securities available for sale |
|
|
|
|
|||||||||||||||||||
| Derivative instruments |
|
|
|
|
|||||||||||||||||||
| Mortgage loans held for sale in loans held for sale |
|
|
|
|
|||||||||||||||||||
| Total financial assets | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Financial liabilities: | |||||||||||||||||||||||
| Derivative instruments | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Securities available for sale | |||||
|
Trust preferred
securities |
|||||
| Balance at January 1, 2019 | $ |
|
|||
| Accretion included in net income |
|
||||
| Unrealized losses included in other comprehensive income |
(
|
||||
| Settlements |
(
|
||||
| Balance at December 31, 2019 | $ |
|
|||
| Accretion included in net income |
|
||||
| Unrealized losses included in other comprehensive income |
(
|
||||
| Settlements |
(
|
||||
| Balance at December 31, 2020 | $ |
|
|||
| Financial instrument |
Fair
Value |
Valuation Technique |
Significant
Unobservable Inputs |
Range of Inputs | ||||||||||||||||||||||
| Trust preferred securities | $ |
|
Discounted cash flows | Default rate |
|
|||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Totals | ||||||||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||
|
Individually evaluated loans, net of allowance for credit losses
(1)
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| OREO |
|
|
|
|
|||||||||||||||||||
| Mortgage servicing rights |
|
|
|
|
|||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Level 1 | Level 2 | Level 3 | Totals | ||||||||||||||||||||
| December 31, 2019 | |||||||||||||||||||||||
|
Individually evaluated loans, net of allowance for credit losses
(1)
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| OREO |
|
|
|
|
|||||||||||||||||||
| Mortgage servicing rights |
|
|
|
|
|||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| December 31, 2020 | December 31, 2019 | ||||||||||
| Carrying amount prior to remeasurement | $ |
|
$ |
|
|||||||
| Impairment recognized in results of operations |
(
|
(
|
|||||||||
| Fair value | $ |
|
$ |
|
|||||||
| Financial instrument |
Fair
Value |
Valuation Technique |
Significant
Unobservable Inputs |
Range of Inputs | ||||||||||||||||||||||
|
Individually evaluated loans, net of allowance for credit losses
(1)
|
$ |
|
Appraised value of collateral less estimated costs to sell | Estimated costs to sell |
|
|||||||||||||||||||||
| OREO | $ |
|
Appraised value of property less estimated costs to sell | Estimated costs to sell |
|
|||||||||||||||||||||
|
Aggregate
Fair Value |
Aggregate
Unpaid Principal Balance |
Difference | |||||||||||||||
| Mortgage loans held for sale | $ |
|
$ |
|
$ |
|
|||||||||||
| Fair Value | |||||||||||||||||||||||||||||
|
Carrying
Value |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||||||||
| Financial assets | |||||||||||||||||||||||||||||
| Cash and cash equivalents | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| Securities available for sale |
|
|
|
|
|
||||||||||||||||||||||||
| Loans held for sale |
|
|
|
|
|
||||||||||||||||||||||||
| Loans, net |
|
|
|
|
|
||||||||||||||||||||||||
| Mortgage servicing rights |
|
|
|
|
|
||||||||||||||||||||||||
| Derivative instruments |
|
|
|
|
|
||||||||||||||||||||||||
| Financial liabilities | |||||||||||||||||||||||||||||
| Deposits | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| Short-term borrowings |
|
|
|
|
|
||||||||||||||||||||||||
| Federal Home Loan Bank advances |
|
|
|
|
|
||||||||||||||||||||||||
| Junior subordinated debentures |
|
|
|
|
|
||||||||||||||||||||||||
| Subordinated notes |
|
|
|
|
|
||||||||||||||||||||||||
| Derivative instruments |
|
|
|
|
|
||||||||||||||||||||||||
| Fair Value | |||||||||||||||||||||||||||||
|
Carrying
Value |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
| December 31, 2019 | |||||||||||||||||||||||||||||
| Financial assets | |||||||||||||||||||||||||||||
| Cash and cash equivalents | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| Securities available for sale |
|
|
|
|
|
||||||||||||||||||||||||
| Loans held for sale |
|
|
|
|
|
||||||||||||||||||||||||
| Loans, net |
|
|
|
|
|
||||||||||||||||||||||||
| Mortgage servicing rights |
|
|
|
|
|
||||||||||||||||||||||||
| Derivative instruments |
|
|
|
|
|
||||||||||||||||||||||||
| Financial liabilities | |||||||||||||||||||||||||||||
| Deposits | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| Short-term borrowings |
|
|
|
|
|
||||||||||||||||||||||||
| Federal Home Loan Bank advances |
|
|
|
|
|
||||||||||||||||||||||||
| Junior subordinated debentures |
|
|
|
|
|
||||||||||||||||||||||||
| Subordinated notes |
|
|
|
|
|
||||||||||||||||||||||||
| Derivative instruments |
|
|
|
|
|
||||||||||||||||||||||||
| Pre-Tax |
Tax Expense
(Benefit) |
Net of Tax | |||||||||||||||
| Year Ended December 31, 2020 | |||||||||||||||||
| Securities available for sale: | |||||||||||||||||
| Unrealized holding gains on securities | $ |
|
$ |
|
$ |
|
|||||||||||
|
Reclassification adjustment for gains realized in net income
(1)
|
(
|
(
|
(
|
||||||||||||||
| Total securities available for sale |
|
|
|
||||||||||||||
| Derivative instruments: | |||||||||||||||||
| Unrealized holding gains on derivative instruments |
|
|
|
||||||||||||||
| Reclassification adjustment for losses realized in net income related to swap termination |
|
|
|
||||||||||||||
| Total derivative instruments |
|
|
|
||||||||||||||
| Defined benefit pension and post-retirement benefit plans: | |||||||||||||||||
| Net gain arising during the period |
|
|
|
||||||||||||||
|
Reclassification adjustment for settlement loss related to the VERP realized in net income
(3)
|
|
|
|
||||||||||||||
|
New prior service cost
(3)
|
(
|
(
|
(
|
||||||||||||||
|
Amortization of net actuarial loss recognized in net periodic pension cost
(2)
|
|
|
|
||||||||||||||
|
Amortization of prior service cost
(3)
|
|
|
|
||||||||||||||
| Total defined benefit pension and post-retirement benefit plans |
|
|
|
||||||||||||||
| Total other comprehensive income | $ |
|
$ |
|
$ |
|
|||||||||||
| Year Ended December 31, 2019 | |||||||||||||||||
| Securities available for sale: | |||||||||||||||||
| Unrealized holding gains on securities | $ |
|
$ |
|
$ |
|
|||||||||||
|
Reclassification adjustment for losses realized in net income
(1)
|
|
|
|
||||||||||||||
| Total securities available for sale |
|
|
|
||||||||||||||
| Derivative instruments: | |||||||||||||||||
| Unrealized holding losses on derivative instruments |
(
|
(
|
(
|
||||||||||||||
| Total derivative instruments |
(
|
(
|
(
|
||||||||||||||
| Defined benefit pension and post-retirement benefit plans: | |||||||||||||||||
| Net gain arising during the period |
|
|
|
||||||||||||||
|
Amortization of net actuarial loss recognized in net periodic pension cost
(2)
|
|
|
|
||||||||||||||
| Total defined benefit pension and post-retirement benefit plans |
|
|
|
||||||||||||||
| Total other comprehensive income | $ |
|
$ |
|
$ |
|
|||||||||||
| Pre-Tax |
Tax Expense
(Benefit) |
Net of Tax | |||||||||||||||
| Year Ended December 31, 2018 | |||||||||||||||||
| Securities available for sale: | |||||||||||||||||
| Unrealized holding losses on securities | $ |
(
|
$ |
(
|
$ |
(
|
|||||||||||
|
Reclassification adjustment for losses realized in net income
(1)
|
|
|
|
||||||||||||||
| Total securities available for sale |
(
|
(
|
(
|
||||||||||||||
| Derivative instruments: | |||||||||||||||||
| Unrealized holding gains on derivative instruments |
|
|
|
||||||||||||||
| Total derivative instruments |
|
|
|
||||||||||||||
| Defined benefit pension and post-retirement benefit plans: | |||||||||||||||||
| Net gain arising during the period |
|
|
|
||||||||||||||
|
Amortization of net actuarial loss recognized in net periodic pension cost
(2)
|
|
|
|
||||||||||||||
| Total defined benefit pension and post-retirement benefit plans |
|
|
|
||||||||||||||
| Total other comprehensive loss | $ |
(
|
$ |
(
|
$ |
(
|
|||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Unrealized gains on securities | $ |
|
$ |
|
$ |
|
|||||||||||
| Non-credit related portion of other-than-temporary impairment on securities |
(
|
(
|
(
|
||||||||||||||
| Unrealized losses on derivative instruments |
(
|
(
|
(
|
||||||||||||||
| Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations |
(
|
(
|
(
|
||||||||||||||
| Total accumulated other comprehensive income (loss) | $ |
|
$ |
|
$ |
(
|
|||||||||||
|
First
Quarter |
Second
Quarter |
Third
Quarter |
Fourth
Quarter |
||||||||||||||||||||
| 2020 | |||||||||||||||||||||||
| Interest income | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Interest expense |
|
|
|
|
|||||||||||||||||||
| Net interest income |
|
|
|
|
|||||||||||||||||||
| Provision for credit losses |
|
|
|
|
|||||||||||||||||||
| Noninterest income |
|
|
|
|
|||||||||||||||||||
| Noninterest expense |
|
|
|
|
|||||||||||||||||||
| Income before income taxes |
|
|
|
|
|||||||||||||||||||
| Income taxes |
|
|
|
|
|||||||||||||||||||
| Net income | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Basic earnings per share | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Diluted earnings per share | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| 2019 | |||||||||||||||||||||||
| Interest income | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Interest expense |
|
|
|
|
|||||||||||||||||||
| Net interest income |
|
|
|
|
|||||||||||||||||||
| Provision for credit losses |
|
|
|
|
|||||||||||||||||||
| Noninterest income |
|
|
|
|
|||||||||||||||||||
| Noninterest expense |
|
|
|
|
|||||||||||||||||||
| Income before income taxes |
|
|
|
|
|||||||||||||||||||
| Income taxes |
|
|
|
|
|||||||||||||||||||
| Net income | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Basic earnings per share | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Diluted earnings per share | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Basic | |||||||||||||||||
| Net income applicable to common stock | $ |
|
$ |
|
$ |
|
|||||||||||
| Average common shares outstanding |
|
|
|
||||||||||||||
| Net income per common share—basic | $ |
|
$ |
|
$ |
|
|||||||||||
| Diluted | |||||||||||||||||
| Net income applicable to common stock | $ |
|
$ |
|
$ |
|
|||||||||||
| Average common shares outstanding |
|
|
|
||||||||||||||
| Effect of dilutive stock-based compensation |
|
|
|
||||||||||||||
| Average common shares outstanding—diluted |
|
|
|
||||||||||||||
| Net income per common share—diluted | $ |
|
$ |
|
$ |
|
|||||||||||
| Year Ended | |||||||||||||||||
| December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Number of shares |
|
|
|
||||||||||||||
| Range of exercise prices (for stock option awards) |
|
|
|
||||||||||||||
| Capital Tiers |
Tier 1 Capital to
Average Assets (Leverage) |
Common Equity Tier 1 to
Risk - Weighted Assets |
Tier 1 Capital to
Risk – Weighted Assets |
Total Capital to
Risk – Weighted Assets |
|||||||||||||||||||
| Well capitalized |
|
|
|
|
|||||||||||||||||||
| Adequately capitalized |
|
|
|
|
|||||||||||||||||||
| Undercapitalized |
Less than
|
Less than
|
Less than
|
Less than
|
|||||||||||||||||||
| Significantly undercapitalized |
Less than
|
Less than
|
Less than
|
Less than
|
|||||||||||||||||||
| Critically undercapitalized |
Tangible Equity / Total Assets less than
|
||||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||||
| Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
| Renasant Corporation | |||||||||||||||||||||||
| Tier 1 Capital to Average Assets (Leverage) | $ |
|
|
% | $ |
|
|
% | |||||||||||||||
| Common Equity Tier 1 Capital to Risk-Weighted Assets |
|
|
% |
|
|
% | |||||||||||||||||
| Tier 1 Capital to Risk-Weighted Assets |
|
|
% |
|
|
% | |||||||||||||||||
| Total Capital to Risk-Weighted Assets |
|
|
% |
|
|
% | |||||||||||||||||
| Renasant Bank | |||||||||||||||||||||||
| Tier 1 Capital to Average Assets (Leverage) | $ |
|
|
% | $ |
|
|
% | |||||||||||||||
| Common Equity Tier 1 Capital to Risk-Weighted Assets |
|
|
% |
|
|
% | |||||||||||||||||
| Tier 1 Capital to Risk-Weighted Assets |
|
|
% |
|
|
% | |||||||||||||||||
| Total Capital to Risk-Weighted Assets |
|
|
% |
|
|
% | |||||||||||||||||
|
Community
Banks |
Insurance |
Wealth
Management |
Other | Consolidated | |||||||||||||||||||||||||
| 2020 | |||||||||||||||||||||||||||||
| Net interest income | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||||||
| Provision for credit losses |
|
|
|
|
|
||||||||||||||||||||||||
| Noninterest income |
|
|
|
(
|
|
||||||||||||||||||||||||
| Noninterest expense |
|
|
|
|
|
||||||||||||||||||||||||
| Income before income taxes |
|
|
|
(
|
|
||||||||||||||||||||||||
| Income taxes |
|
|
|
(
|
|
||||||||||||||||||||||||
| Net income (loss) | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||||||
| Total assets | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| Goodwill |
|
|
|
|
|
||||||||||||||||||||||||
| 2019 | |||||||||||||||||||||||||||||
| Net interest income | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||||||
| Provision for credit losses |
|
|
|
|
|
||||||||||||||||||||||||
| Noninterest income |
|
|
|
(
|
|
||||||||||||||||||||||||
| Noninterest expense |
|
|
|
|
|
||||||||||||||||||||||||
| Income before income taxes |
|
|
|
(
|
|
||||||||||||||||||||||||
| Income taxes |
|
|
|
(
|
|
||||||||||||||||||||||||
| Net income (loss) | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||||||
| Total assets | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| Goodwill |
|
|
|
|
|
||||||||||||||||||||||||
| 2018 | |||||||||||||||||||||||||||||
| Net interest income | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||||||
| Provision for credit losses |
|
|
|
|
|
||||||||||||||||||||||||
| Noninterest income |
|
|
|
(
|
|
||||||||||||||||||||||||
| Noninterest expense |
|
|
|
|
|
||||||||||||||||||||||||
| Income before income taxes |
|
|
|
(
|
|
||||||||||||||||||||||||
| Income taxes |
|
|
|
(
|
|
||||||||||||||||||||||||
| Net income (loss) | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||||||
| Total assets | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| Goodwill |
|
|
|
|
|
||||||||||||||||||||||||
|
|
December 31, | ||||||||||
| 2020 | 2019 | ||||||||||
| Assets | |||||||||||
|
Cash and cash equivalents
(1)
|
$ |
|
$ |
|
|||||||
| Investments |
|
|
|||||||||
|
Investment in bank subsidiary
(2)
|
|
|
|||||||||
|
Accrued interest receivable on bank balances
(2)
|
|
|
|||||||||
|
Intercompany receivable
(2)
|
|
|
|||||||||
| Other assets |
|
|
|||||||||
| Total assets | $ |
|
$ |
|
|||||||
| Liabilities and shareholders’ equity | |||||||||||
| Junior subordinated debentures | $ |
|
$ |
|
|||||||
| Subordinated notes |
|
|
|||||||||
| Other liabilities |
|
|
|||||||||
| Shareholders’ equity |
|
|
|||||||||
| Total liabilities and shareholders’ equity | $ |
|
$ |
|
|||||||
|
|
Year Ended December 31, | ||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Income | |||||||||||||||||
|
Dividends from bank subsidiary
(1)
|
$ |
|
$ |
|
$ |
|
|||||||||||
|
Interest income from bank subsidiary
(1)
|
|
|
|
||||||||||||||
| Other dividends |
|
|
|
||||||||||||||
| Other income |
|
|
|
||||||||||||||
| Total income |
|
|
|
||||||||||||||
| Expenses |
|
|
|
||||||||||||||
| Income before income tax benefit and equity in undistributed net income of bank subsidiary |
|
|
|
||||||||||||||
| Income tax benefit |
(
|
(
|
(
|
||||||||||||||
|
Equity in undistributed net income of bank subsidiary
(1)
|
|
|
|
||||||||||||||
| Net income | $ |
|
$ |
|
$ |
|
|||||||||||
|
|
Year Ended December 31, | ||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Operating activities | |||||||||||||||||
| Net income | $ |
|
$ |
|
$ |
|
|||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
| Equity in undistributed net income of bank subsidiary |
(
|
(
|
(
|
||||||||||||||
| Amortization/depreciation/accretion |
|
(
|
|
||||||||||||||
| (Increase) decrease in other assets |
(
|
(
|
|
||||||||||||||
| Increase (decrease) in other liabilities |
|
|
(
|
||||||||||||||
| Net cash provided by operating activities |
|
|
|
||||||||||||||
| Investing activities | |||||||||||||||||
| Purchases of securities held to maturity and available for sale |
(
|
|
|
||||||||||||||
| Sales and maturities of securities held to maturity and available for sale |
|
|
|
||||||||||||||
| Net cash paid in acquisition |
|
|
(
|
||||||||||||||
| Other investing activities |
|
|
|
||||||||||||||
| Net cash (used in) provided by investing activities |
(
|
|
(
|
||||||||||||||
| Financing activities | |||||||||||||||||
| Cash paid for dividends |
(
|
(
|
(
|
||||||||||||||
| Cash received on exercise of stock-based compensation |
|
|
|
||||||||||||||
| Repurchase of shares in connection with stock repurchase program |
(
|
(
|
(
|
||||||||||||||
| Repayment of long-term debt |
|
(
|
|
||||||||||||||
| Proceeds from issuance of long-term debt |
|
|
|
||||||||||||||
| Other financing activities |
|
|
(
|
||||||||||||||
| Net cash provided by (used in) financing activities |
|
(
|
(
|
||||||||||||||
| Increase (decrease) in cash and cash equivalents |
|
(
|
(
|
||||||||||||||
| Cash and cash equivalents at beginning of year |
|
|
|
||||||||||||||
| Cash and cash equivalents at end of year | $ |
|
$ |
|
$ |
|
|||||||||||
| 2021 | $ |
|
|||
| 2022 |
|
||||
| 2023 |
|
||||
| 2024 |
|
||||
| 2025 |
|
||||
| Thereafter |
|
||||
| Total lease receivables | $ |
|
|||
| Year ended December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Operating lease cost (cost resulting from lease payments) | $ |
|
$ |
|
|||||||
| Short-term lease cost |
|
|
|||||||||
| Variable lease cost (cost excluded from lease payments) |
|
|
|||||||||
| Sublease income |
(
|
(
|
|||||||||
| Net lease cost | $ |
|
$ |
|
|||||||
| Operating lease - operating cash flows (fixed payments) |
|
|
|||||||||
| Operating lease - operating cash flows (liability reduction) |
|
|
|||||||||
| Weighted average lease term - operating leases (in years) (at period end) |
|
|
|||||||||
| Weighted average discount rate - operating leases (at period end) |
|
% |
|
% | |||||||
| Right-of-use assets obtained in exchange for new lease liabilities - operating leases | $ |
|
$ |
|
|||||||
| 2021 | $ |
|
|||
| 2022 |
|
||||
| 2023 |
|
||||
| 2024 |
|
||||
| 2025 |
|
||||
| Thereafter |
|
||||
| Total undiscounted cash flows |
|
||||
| Discount on cash flows |
|
||||
| Total operating lease liabilities | $ |
|
|||
|
Equity Compensation Plan Information
(at December 31, 2020) |
|||||||||||
| Plan Category | (a) Number of securities to be issued upon exercise of outstanding options, warrants and rights |
(b) Weighted-average exercise price of outstanding options, warrants and rights
(1)
|
(c) Number of securities remaining available for future issuance under equity compensation plans (excluding securities in column (a)) | ||||||||
| Equity compensation plans approved by security holders | 10,500 | $14.96 | 1,758,149 | ||||||||
| Equity compensation plans not approved by security holders | — | — | 22,577 | ||||||||
| Total | 10,500 | $14.96 | 1,780,726 | ||||||||
|
(a) - (1) Financial Statements
|
||||||||
|
The following consolidated financial statements and supplementary information for the fiscal years ended December 31, 2020, 2019 and 2018 are included in Part II, Item 8, Financial Statements and Supplementary Data, in this report:
|
||||||||
| (i) | ||||||||
| (ii) | ||||||||
| (iii) | ||||||||
| (iv) | ||||||||
| (v) | ||||||||
| (vi) | ||||||||
| (vii) | ||||||||
| (viii) | ||||||||
|
(a) - (2) Financial Statement Schedules
|
||||||||
|
All schedules have been omitted because they are either not applicable or the required information has been included in the consolidated financial statements or notes thereto.
|
||||||||
|
(a) - (3) Exhibits required by Item 601 of Regulation S-K
|
||||||||
| (2)(i) |
Agreement and Plan of Merger by and among Renasant Corporation, Renasant Bank, Metropolitan BancGroup, Inc. and Metropolitan Bank dated as of January 17, 2017, filed as exhibit 2.1 to the Form 8-K of the Company filed with the
Securities and Exchange
Commission
(
the
“
Commission
”
)
on January 19, 2017 and incorporated herein by reference.
|
|||||||
| (2)(ii) | ||||||||
| (3)(i) | ||||||||
| (3)(ii) | ||||||||
| (4)(i) | ||||||||
| (4)(ii) | ||||||||
| (4)(iii) | ||||||||
| (4)(iv) | ||||||||
| (4)(v) | ||||||||
| 4(vi) | ||||||||
| (4)(vii) | ||||||||
| (4)(viii) | ||||||||
| (4)(ix) | ||||||||
| (4)(x) | ||||||||
| (10)(i) | ||||||||
| (10)(ii) | ||||||||
| (10)(iii) | ||||||||
| (10)(iv) | ||||||||
| (10)(v) | ||||||||
| (10)(vi) | ||||||||
| (10)(vii) | ||||||||
| (10)(viii) | ||||||||
| (10)(ix) | ||||||||
| (10)(x) | ||||||||
| (10)(xi) | ||||||||
| (10)(xii) | ||||||||
| (10)(xiii) | ||||||||
| (10)(xiv) | ||||||||
| (10)(xv) | ||||||||
| (10)(xvi) | ||||||||
| (10)(xvii) | ||||||||
| (10)(xviii) | ||||||||
| (10)(xix) | ||||||||
| (10)(xx) | ||||||||
| (10)(xxi) | ||||||||
| (10)(xxii) | ||||||||
| (10)(xxiii) | ||||||||
| (10)(xxiv) | ||||||||
| (10)(xxv) | ||||||||
| (10)(xxvi) | ||||||||
| (10)(xxvii) | ||||||||
| (10)(xxviii) | ||||||||
| (10)(xxix) | ||||||||
| (10)(xxx) | ||||||||
| (10)(xxxi) | ||||||||
| (10)(xxxii) | ||||||||
| (10)(xxxiii) | ||||||||
| (10)(xxxiv) | ||||||||
| (21) | ||||||||
| (23) | ||||||||
| (31)(i) | ||||||||
| (31)(ii) | ||||||||
| (32)(i) | ||||||||
| (32)(ii) | ||||||||
| (101) | The following materials from Renasant Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020 were formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets as of December 31, 2020 and December 31, 2019, (ii) Consolidated Statements of Income for the years ended December 31, 2020, 2019 and 2018, (iii) Consolidated Statements of Comprehensive Income for the years ended December 31, 2020, 2019 and 2018, (iv) Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 2020, 2019 and 2018, (v) Consolidated Statements of Cash Flows for the years ended December 31, 2020, 2019 and 2018 and (vi) Notes to Consolidated Financial Statements. | |||||||
| (104) | The cover page of Renasant Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020, formatted in Inline XBRL (included in Exhibit 101). | |||||||
| * | Management contract or compensatory plan or arrangement required to be filed as an exhibit to this Form 10-K pursuant to Item 15(b) of Form 10-K. | ||||
| RENASANT CORPORATION | |||||||||||||||||
| Date: | February 26, 2021 | by: | /s/ C. Mitchell Waycaster | ||||||||||||||
| C. Mitchell Waycaster | |||||||||||||||||
| President and | |||||||||||||||||
| Chief Executive Officer | |||||||||||||||||
| Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated. | |||||||||||||||||
| Date: | February 26, 2021 | by: |
/s/ James C. Mabry IV
|
||||||||||||||
| James C. Mabry IV | |||||||||||||||||
| Chief Financial Officer | |||||||||||||||||
| (Principal Financial Officer) | |||||||||||||||||
| Date: | February 26, 2021 | by: |
/s/ Kelly W. Hutcheson
|
||||||||||||||
| Kelly W. Hutcheson | |||||||||||||||||
| Chief Accounting Officer | |||||||||||||||||
| (Principal Accounting Officer) | |||||||||||||||||
| Date: | February 26, 2021 | by: | /s/ Gary D. Butler | ||||||||||||||
| Gary D. Butler | |||||||||||||||||
| Director | |||||||||||||||||
| Date: | February 26, 2021 | by: | /s/ Donald Clark, Jr. | ||||||||||||||
| Donald Clark, Jr. | |||||||||||||||||
| Director | |||||||||||||||||
| Date: | February 26, 2021 | by: | /s/ John M. Creekmore | ||||||||||||||
| John M. Creekmore | |||||||||||||||||
| Vice Chairman of the Board and Director | |||||||||||||||||
| Date: | February 26, 2021 | by: | /s/ Albert J. Dale, III | ||||||||||||||
| Albert J. Dale, III | |||||||||||||||||
| Director | |||||||||||||||||
| Date: | February 26, 2021 | by: | /s/ Jill V. Deer | ||||||||||||||
| Jill V. Deer | |||||||||||||||||
| Director | |||||||||||||||||
| Date: | February 26, 2021 | by: | /s/ Marshall H. Dickerson | ||||||||||||||
| Marshall H. Dickerson | |||||||||||||||||
| Director | |||||||||||||||||
| Date: | February 26, 2021 | by: | /s/ Connie L. Engel | ||||||||||||||
| Connie L. Engel | |||||||||||||||||
| Director | |||||||||||||||||
| Date: | February 26, 2021 | by: | /s/ John T. Foy | ||||||||||||||
| John T. Foy | |||||||||||||||||
| Director | |||||||||||||||||
| Date: | February 26, 2021 | by: | /s/ R. Rick Hart | ||||||||||||||
| R. Rick Hart | |||||||||||||||||
| Director | |||||||||||||||||
| Date: | February 26, 2021 | by: | /s/ Richard L. Heyer, Jr. | ||||||||||||||
| Richard L. Heyer, Jr. | |||||||||||||||||
| Director | |||||||||||||||||
| Date: | February 26, 2021 | by: | /s/ Neal A. Holland, Jr. | ||||||||||||||
| Neal A. Holland, Jr. | |||||||||||||||||
| Director | |||||||||||||||||
| Date: | February 26, 2021 | by: | /s/ E. Robinson McGraw | ||||||||||||||
| E. Robinson McGraw | |||||||||||||||||
| Chairman of the Board and Director | |||||||||||||||||
| Date: | February 26, 2021 | by: | /s/ Michael D. Shmerling | ||||||||||||||
| Michael D. Shmerling | |||||||||||||||||
| Director | |||||||||||||||||
| Date: | February 26, 2021 | by: | /s/ Sean M. Suggs | ||||||||||||||
| Sean M. Suggs | |||||||||||||||||
| Director | |||||||||||||||||
| Date: | February 26, 2021 | by: | /s/ C. Mitchell Waycaster | ||||||||||||||
| C. Mitchell Waycaster | |||||||||||||||||
| Director, President and | |||||||||||||||||
| Chief Executive Officer | |||||||||||||||||
| (Principal Executive Officer) | |||||||||||||||||